Buy Everest Kanto Cylinder; tgt Rs 378: IIFL

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Buy Everest Kanto Cylinder; tgt Rs 378: IIFL

Everest Kanto’s 1QFY09 results were better than our expectation, with a revenue growth of 70% YoY and EBITDA growth of 97% YoY. The YoY numbers are not strictly comparable as this quarter’s financials include numbers from its recent acquisition of CPI Inc, US. Reported EBITDA margins were much better at 32.3%, up 450 bps YoY.

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IIFL has recommended buy rating on Everest Kanto Cylinder with 12-month price target of Rs 378, in its report dated 1 August, 2008. "Everest Kanto's 1QFY09 results were better than our expectation, with a revenue growth of 70% YoY and EBITDA growth of 97% YoY. The YoY numbers are not strictly comparable as this quarter's financials include numbers from its recent acquisition of CPI Inc, US. Reported EBITDA margins were much better at 32.3%, up 450 bps YoY. This margin improvement was on account of foreign currency translation gains of Rs 100 million. Adjusted margins were a tad below expectation at 27%. Reiterate Buy".

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