February 07, 2017 / 13:22 IST
Consolidated revenues witnessed increase of 17% YoY to Rs 607 crore (I-direct estimate: Rs 542 crore) largely on account of 54% and 9% YoY increase in revenue of Europe, Americas regions respectively. However, revenues from Amesa & EAP region impacted by lower offtake from key customers. Company consolidated business of EDG during Q3FY17 which resulted in sharp rise in revenue from Europe.
OutlookWe have slightly tweaked our PAT CAGR downwards at 15% in FY16-19E (lower than earlier estimate of 18%) due to short term pressure in margin due to EDG acquisition. We roll over our valuation on FY19E and value the stock at FY19E 8x EV/EBITDA (30% premium to its historical on year forward average 5.7x EV/EBITDA) with a revised target price of Rs 270.
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