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Thursday, November 10, 2011

Morarjee Textiles Ltd:-Buy/sell/growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Morarjee Textiles Ltd

Story:Morarjee Textiles Limited engages in the manufacture and sale of textile products in India. It primarily offers cotton shirting fabrics and printed fabrics. The company also provides woven tops, casual shirts, and garments for women. In addition, it offers fashion fabrics, which include satin, cambric, poplin, lawn, and silk; voiles; guthra, a square head cloth; and embroidered fabrics. The company primarily exports its products to the United States and Europe, as well as Australia, Russia, Colombia, and China.The company posted a set of disappointing numbers for Q2FY12. Net profit, sequentially was down 56% and down 87% on a YoY at Rs.36 lakh. A NPM of less than 0.5%. And this was despite the fact that total operating expenses were down 8%. Obviously the drop in revenue was much more and the drop in costs did not thus really help much, except maybe help keep the company in the black. Forex loss of Rs.2.35 crore too further compounded the matter.The company has a working capital FCCB worth US$ 5 million due for repayment in Jan 2012. Clearly, current fiscal could be very troublesome for the company. The first two quarters have not been good and this FCCN liability vis-à-vis dollar/rupee volatility will only make things tough. For H1FY12, the company’s topline stands at Rs.179 crore, v/s Rs.353 crore for FY11 and net profit was at Rs.1.18 crore v/s Rs.4.65 crore. It seems certain that FY12 will be rocky, unless the company adds on with some ‘extraordinary’ income in the second half.

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