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Friday, April 17, 2009

Oil Country Tubular Ltd:-A solid bet and a good long term buy

Scripscan:Oil Country Tubular Ltd
Traded in:Nse-bse

Story:This Hyderabad based company is catering to Oil Drilling and Exploration Industry, manufacturing Drill Pipe, Heavy Drill Pipe, Drill Collars, Production Tubing, Casing, Tool Joints, Couplings, Nipples and Crossovers. Company has been assessed and certified by the American Petroleum Institute Quality Registrar.Last year, company had become debt free and settled/paid all pending interest amounts also due to which its interest cost in 07-08 was 37 crs.Due to boom in user industry, company has been doing extremely well.For 9 months ended 31/12/08,company achieved net sales of 267 crs. and PBT of 74 crs.During this period, interest cost was just 1.88 crs.Despite paying 21 crs. as income tax,PAT for 9 months is 53 crs.On Equity of 44 crs.,EPS is Rs. 12/-.Scrip is being accumulated by knowledgeable circles in expectation of bright future for the company. As per our sources, for 08-09, its sales should be around 410/- crs. and EPS for full year will be Rs. 18/-. Stock is trading at less than 3 x FY09E earnings. Some analysts are forecasting EPS of 21-22 for 09-10.Company will declare 25% maiden dividend.Considering the above mentioned stuff,Oil Country Tubular Ltd looks to be a great buy for long term horizion.

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