Voltamp Transformers
Voltamp's revenues reflect signs of moderation in growth and lower realistions as a result of decline in copper prices.
EBITDA margins came at an all-time high of 30% up 740 bps possibly as a result of efficient sourcing of raw material and lower base of revenues.
High other income of Rs 75 mn and lower tax rate boosts profit growth.
Raise earnings estimates by 20% for FY09.
Accumulate in view of impending slowdown in revenue growth in view of lackluster industrial growth, with a target price to Rs 450.Stock trading at 3.3x FY09 earnings.
Voltamp's revenues reflect signs of moderation in growth and lower realistions as a result of decline in copper prices.
EBITDA margins came at an all-time high of 30% up 740 bps possibly as a result of efficient sourcing of raw material and lower base of revenues.
High other income of Rs 75 mn and lower tax rate boosts profit growth.
Raise earnings estimates by 20% for FY09.
Accumulate in view of impending slowdown in revenue growth in view of lackluster industrial growth, with a target price to Rs 450.Stock trading at 3.3x FY09 earnings.
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