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Saturday, June 25, 2011

Suryalata Spinning Mills Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,views and outlook,multibagger

Scripscan:Suryalata Spinning Mills Ltd

Story:Hyderabad-based Suryalata Spinning is engaged in production of Poly/Viscose blended yarns in different counts and blends for domestic as well as exports markets. Company is exporting to over 30 countries including North America South America, Middle East, Canada etc.It has installed capacity of 72,000 spindles.Its equity is just 3.27 crores with excellent profit margins and current marketcap is very low.Company is installing another 35000 spindles at capex of Rs 65 crores which will be funded by way of 40 cr debt and 25 crores Internal accruals and preferential offer money. RECENTLY, PROMOTERS HAVE TAKEN 4 LAC CONVERTIBE WARRANTS @ Rs 110/.In Phase-II,Company plans to add another 60,000 spindles at capex of Rs 120 crores which will take its total capacity to 1,67,000 and Suryalata is targetting topline of Rs 500 cr in 2014.Suryalata has been reporting superb results due to robust demand in domestic as well as export market which resulted in higher selling realization whereas raw-material prices are under check.Current market cap of company is just Rs 34 crores as against 2011 sales of 249 crores and 2011E NP of 20 crores. Stock is trading at less than 2x FY11Eps which is really cheap considering that textile industry's prospects have brightened considerably. It may be noted that Suryalata Spinning is producing Pol/Viscose yarn and hence is not affected by sharp rise in raw cotton prices.Suryalata can definitely deliver 35% returns in the next 12-15 months period.

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