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Friday, November 6, 2009

Ballarpur Industries Ltd:Analysis/prospects/outlook/potentia;/latest news and results,buy/sell/hold

Scripscan:Ballarpur Industries Ltd

Story:Ballarpur Industries Limited manufactures, exports, and sells paper and paper products. The company’s products include writing and printing paper, industrial paper, specialty and fine paper, coated wood-free paper, uncoated wood-free paper, creamwove paper, coloured printing paper, duplicating paper, business stationery, and packaging paper. It has operations in India, the People’s Republic of China, Japan, India, Malaysia, Singapore, Thailand, Cyprus, Ghana, Sri Lanka, Kenya, Maldives, the United States, Canada, and Europe. The company was formerly known as Ballarpur Paper and Straw Board Mills Limited and changed its name to Ballarpur Industries Limited in 1975. Ballarpur Industries was incorporated in 1945 and is headquartered in New Delhi, India.BILT Q1FY10 consolidated results were below our estimates mainly due to lower than expected performance of pulp division and higher amortization under VRS for the quarter. Net revenues at Rs 8.1 bn, +5% YoY, and EBITDA margins at 24%, +30 bps YoY, was marginally below our expectations. Paper segment margins were above expectations at 18.4% while pulp segment reported losses of Rs 10 mn against positive contribution expected by us. Pulp division performance however improved sharply on sequential basis and is expected to improve further on back of increase in realisations in subsequent quarters. Q1FY10 PAT was also lowered by increase in interest cost and higher amortization which is on account of VRS. Resulting PAT after minority was down by 38% YoY to Rs 419 mn and was below our expectations.Company’s Ballarpur plant is scheduled for commercial production from current quarter and we expect full benefit of its recent expansion at Bhigwan and Ballarpur plants should start coming from Q4FY10. We believe that stock at current valuations 3.7x FY11 EPS offers attractive upside hence we maintain our BUY rating with price target of Rs 33.

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