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Tuesday, January 31, 2012

IFB Agro Industries Ltd:-Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:IFB Agro Industries Ltd

Story:IFB Agro Industries (IFBAIL) has produced excellent results for Q3FY12. Sales have gone up by 13.3% to Rs 121.0 crore from Rs 106.8 crore in Q3FY11. PAT advanced by 134.3% to Rs 8.2 crore from Rs 3.5 crore in Q3FY11. EPS for Q3FY11 stood at Rs 10.3 Vs Rs 4.3 in Q3FY11. During 9MFY12, net profit surged 132.7% to Rs 26.3 crore from Rs 11.3 crore in 9MFY11 on 34.1% increased sales of Rs 434.3 crore Vs Rs 323.9 crore in 9MFY11. Despite 55% reduction in other income at Rs 10.4 crore (Rs 11.3 crore) OP and NP margins stood at 10.6% and 6.1% Vs 7.5% and 3.5% respectively (YoY). 9MFY12 EPS stood at hefty Rs 32.9 Vs Rs 14.1 in 9MFY11 and Rs 22.3 in FY11.During FY11, IFBAIL's debts have come down to just Rs 4.5 crore in FY11 from burgeoning Rs 31.4 crore in FY10. The interest cost has therefore, come down. The gross block has gone up by Rs 40 crore to Rs 135.3 crore in the last 3 years. The increased bottling capacity, once the Panagarh (West Bengal) plant becomes operational will bring good opportunity to IFBAIL by way of volume growth and market share in the country liquor segment. On IMFL, IFBAIL has strengthened its position in West Bengal, Orissa and Assam. India is emerging as the largest global market for whisky, registering sales of more than 60 million cases per annum. Other spirits (Brown - Brandy/Rum, White - Gin/Vodka/Rum) constitute the rest 40% of IMFL market.Of late, white spirits, although currently placed at only 5% of the market are growing at a much faster pace of 40% p.a. as against 10-15% p.a. growth of the overall IMFL market. With a robust going,I increase EPS estimate for FY12 to Rs 42.3 from earlier projection of Rs 39.3. At the CMP of Rs 156, the share is traded at a P/E of 3.7x on FY12E.

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