Fundamental Result Update

HSIL - Q1FY18 Results



Q1FY18 Net Revenue for the quarter was at Rs 480cr representing a decline of 19% on the quarter and a marginal growth of 0.19% YoY. Q1FY18 Operating EBITDA stood at Rs 53cr vs 68cr YoY , EBITDA margin declined by 22% yoy to 11% at multiyear low. Q1FY18 Reported PAT was at Rs12cr down by 44% on YoY basis and decrease of 62% QoQ.

Valuation: With Consumer product division growing at a faster pace , Retail space improving on their losses, we expect HSIL to post better numbers in the coming quarters . The stock is currently trading at 20.4 PE of our estimated FY19 EPS of Rs 15.4. Given the recent performance and hoping the management maintain their run rate going forward we value the company at 24x PE , and assign a price target of Rs 370 with a “HOLD” rating on the stock.


Tags: FundamentalResult Update HSIL


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