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| 4/18/2013 9:00 PM Thursday

PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY

I am holding 650 shares of this company since the last one year. Should I hold the counter or exit?

- Shailesh Padhye, Via Email

EXIT

BSE/NSE Code 533107/PIPAVAVDOC
Face Value Rs 10
CMP Rs 74.95
52-Week high/low Rs 98/Rs 53
Current Profit/(Loss) NA
It would have been easier for us to come to make a concrete analysis of your holdings in the company had you mentioned the amount at which you purchased these shares. Nevertheless, it is still possible to resolve your query, by looking at the company’s current position.

Pipavav Defence and Offshore Engineering Company engages in defence shipbuilding, and construction of offshore oil and gas exploration and production assets in India. It also provides commercial shipbuilding and repairs, and heavy engineering services, defense hardware and services for the Indian armed forces. The company’s product range comprises of crude oil products, and chemical tankers, VLOC, capesize, and post panamax bulk carriers. The company was formerly known as Pipavav Shipyard and changed its name to Pipavav Defence and Offshore Engineering Company in June 2011.

On the financial front, the company’s results for the quarter ended December 2012 have been muted. The topline witnessed a growth of 34.18 per cent on a YoY basis for Q3FY13 to stand at Rs 619.07 crore as against Rs 461.36 crore for Q3FY12. On the other hand, the bottomline witnessed a decline of 28.11 per cent on a YoY basis to stand at Rs 10.05 crore for Q3FY13 as against Rs 13.98 crore for Q3FY12. On the valuation front, the stock is trading at a PE of a whopping 686x for its trailing twelve-month earnings and the EV/EBITDA stands at 18.42x. The company has a debt of Rs 3209 crore on its books as of FY12, taking its debt to equity ratio to 1.61x.

Considering this performance, it is advisable that you exit the stock, although we cannot estimate the extent of profit or loss, being unaware of the purchase price.

 

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