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Moneycontrol.com >> Messageboard >> Stocks >> Unity Infraproj >> Unity Q2 results.
   You are here :     Moneycontrol     MMB    Stocks      Unity Infraproj                         Most active discussions of 2006 , 2007 & 2008
Unity Q2 results. (3)   28-Oct-09 20:32Track this thread   Tracked by (0)  
Posted by:   goldentip on ( 28-Oct-09 20:32 )
Price : BSE: Rs 462.55 ( 2.77 % ), NSE: Rs. 461.85 ( 2.98 % )
Decent set of numbers. Year-on-year, revenue improved by 32.7% while EBITDA went up by 41%. So there was further improvement in OPM.

What still remains a concern is the high interest cost which is impacting the cash flow. Interest cost, year-on-year, has doubled both for the last qtr as well as the last half year period. Naturally this has impacted PAT which has grown only by 21.6% despite higher EBITDA growth.

However the recent decision to raise QIP should address some if these leverage concerns, higher equity will improve debt:equity ratio as well as reduce interest costs. Flip side is that there will be equity dilution. I hope that we`ll see this effect starting Q4, if they can successfully close the QIP in Q3.

Right now, the trailing twelve months EPS is Rs 54.72, hence Unity is available at a P/E of around 8.5. I expect Unity to remain rangebound 400-500 till we see interest costs coming down or some major spectacular topline growth or both. I`ll hold.
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