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Wallfort Financial
Supreme Ind (Accumulate)
CMP: ₹645.05
Target: ₹738
Supreme Industries (SIL) has posted Q3FY15 revenue in line with our expectation. The company has reported top-line growth of 8.4 per cent y-o-y to ₹1,074.1 crore in Q3FY15 against ₹990.7 crore in Q3FY14. The company registered 18.50 per cent volume growth in Q3FY15 and 10.20 per cent for 9mFY15.
Management expects volume growth of 10-11 per cent and value growth of 8-10 per cent for FY15E and operating profit (Ebidta) margin at 12.5-13.5 per cent. During Q3FY15, Ebidta increased by 12.24 per cent y-o-y to ₹144.3 crore against ₹128.6 crore in Q3FY14 and corresponding margin increased by 55 bps y-o-y on account of decline in raw material prices and increase in value added products. The company has realised ₹69.67 crore from sale of 39,780 sq.ft. of commercial premises. Interest cost declined by 16.3 per cent to ₹16.24 crore in Q3FY15 from ₹19.39 crore in Q3FY14. Net profit has increased by 73.41 per cent to ₹96.1 crore in Q3FY15 and correspondingly margin increased by 337 bps.
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