"PWGR reported 2QFY15 revenue at INR41.5b, absolutely in line with estimate of INR42.1b, EBITDA of INR35.5b v/s estimate of INR35.8b. However, interest and depreciation costs are marginally higher, which were offset by higher other income. PBT for the quarter thus stood at INR15.1b, largely in line with our estimate of INR16b. PAT for the quarter stood at INR12b, v/s estimate of INR12.8b, which is pertinent, as this was driven by core operating performance, as other division’s contribution was in line."
"We expect PWGR to report a net profit of INR51b in FY15E (up 14% YoY) and INR60b in FY16E (up 18% YoY). Stock trades at a PER of 12.8x and P/BV of 1.9x on FY16E basis. Maintain Buy with a DCF-based target price of INR169/sh (CoE of 12%)", says Motilal Oswal research report.
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