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Wednesday, November 18, 2009

Nakoda Textile Industries Ltd:Future growth prospects and outlook,buy/sell/hold,analysis and recomendation

Scripscan:Nakoda Textile Industries Ltd

Story:NTIL ranks among the largest manufacturers of FDY (Fully Drawn Yarn) with an installed capacity of 19,500 MTPA. An ISO 9001-2000 company, Nakoda Textiles Industries Ltd. was incorporated in 1984. Initially it commenced business with a single texturising machine, with a capacity of 354 MT, at Silvassa in Maharashtra. In order to expand capacity, the Company came out with its maiden public issue of fully convertible debentures of Rs. 95 million in 1992. The issue in which 12000 investors participated was oversubscribed 7 times. Nakoda joined the exclusive club of the finest 500 companies based on performance for 2007-08. NTIL’s plant is strategically located at Karanj near Surat.Nakoda caters to the small and medium texturisers. NTIL has a 3 per cent market share in the POY (Partially Oriented Yarn) segment and 20 per cent share in the FDY segment.The Wind Mill project of the company is commissioned and has started generating power in Tirunelveli district in Tamilnadu. The project with investment of Rs. 41 crore has nine wind turbines having aggregate capacity of 6.75 MW.The company has recently picked 18.5% stake in Surat Super Yarn Park. Surat Super Yarn Park Ltd. (SSYPL) is a SPV (Special Purpose Vehicle) floated by the Nakoda group, Shubhlaxmi Group and the Kothari Group under the 'Scheme for Integrated Textile Parks" brought out by the Ministry of Textiles.The investment for the park is estimated at Rs 108 crore inclusive of coal based captive power plant of 15 MW at the cost of Rs 55 crore.Nakoda has planned to set up 20 texturing machines with a capacity of 28,800 tonne in the textile park. In addition, the company has also tied up with entrepreneurs in the park for supply of its POY on the long term basis.All this developents are expected to catapult the company in the top textile league.Nakoda scored a rare century in its Q3 PAT. The PAT for the quarter under review jumped by 100% to Rs. 6.20 cr from Rs. 3.08 cr last year. Net sales during the same quarter rose by 31% to Rs.262.31 cr from Rs. 199.61 cr, YOY.The EPS for nine months stood at Rs. 9.56 more than last year’s full EPS of Rs. 8.52. Income from the Manufacturing segment rose by 21% to Rs. 108.88 cr from Rs. 89.91 cr for the quarter under consideration. At the same time the PAT jumped to Rs. 7.42cr from Rs. 5.12 cr.In the trading segment, the sales touched Rs. 153.43 cr from Rs. 109.7 cr, an increase of 39%. The PAT during the period under review increased to Rs. 5.1cr from Rs. 3.3 crs, up 53%.The company has guided a robust 55% jump in turnover this fiscal,profit too should show a much bigger growth.Management is efficient and commited towards the shareholders,the allotment of warrants to the promoter group at 100rs provides huge amount of confidence and conviction on the management front as well as on the bright future prospects of the company.Here"s a integrated company going big with its ambitious plans and expansions.Its quoting at a forward PE of low single digit which is quite rare as far the bigger textile stocks are concerned.At present levels of 70 its worthbuying.

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