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Your Stock Queries

| 10/18/2012 9:00 PM Thursday

Repro India

I have purchased shares of Repro India at Rs 245 per share. What is the medium-term target to exit from this counter?

- Nilesh D Patel, Via Email

Repro India, BSE/NSE Code 532687/REPRO, with a face value of Rs 10, is currently trading at Rs 224 with a 52-week high/low Rs 261 and Rs 138 respectively. This is at an 8.57 per cent discount to your acquisition cost.

Repro India provides integrated content, print and fulfilment solutions to corporate and educational markets. It has a presence primarily in India. On the overseas front, it has a presence in markets like Africa, the United States, Australia and the United Kingdom. Its services include the digitisation, conversion and management of content, printing and binding of books, warehousing and delivery. Repro has a combined capacity spread over 500000 sq.ft. For printing and binding, it has two plants, one at Surat, Gujarat and the other at Mahape, Mumbai. The Surat facility, which started in 2009, can print and bind up to a 100 million books a year. The Mahape plant can manufacture from one copy (POD) to a million (web/sheet offset) copies per day. The Mahape plant is India’s first commercial integrated printing facility.

On the financial front, the company has posted mixed results for Q1FY13. The topline witnessed a growth of 29 per cent on a YoY basis, which stood at Rs 93.81 crore as against Rs 72.76 crore for Q1FY12. The bottomline witnessed a flat growth of 3.68 per cent YoY for Q1FY13, which stood at Rs 9.02 crore as against Rs 8.70 crore for Q1FY12. However, the company has reported a compounded growth of 14.05 per cent and 28.18 per cent in its sales and profits respectively for the past three years. On the valuations front, the stock discounts its trailing 12-month earnings by 6.73x and the EV/EBITDA stands at 6.02x.

Rather than suggesting a target, we advise you to hold the scrip for one more quarter and take a call accordingly after looking at its financial performance.

Visaka Industries

Is it the right time to buy the stock of Visaka Industries at the current price?

- Sunanda Manna, Kolkata, West Bengal

Visaka Industries, BSE/NSE Code 509055/VISAKAIND, with a face value of Rs 10, is currently trading at Rs 136 with a 52-week high/low of Rs 141 and Rs 57 respectively.

Visaka Industries is a diversified company with a presence in fibre cement sheets, yarn and building products. The company has an installed capacity of 630000 tonnes of fibre sheets, with a network of 5000 stockists/dealers across India. It also has depots in 36 major cities and towns country-wide to ensure a smooth supply of its products.

On the financial front, the company has witnessed a better show for Q1FY13. The topline witnessed a growth of 34 per cent on a YoY basis for Q1FY13, which stood at Rs 282 crore as against Rs 210.58 crore for Q1FY12. The bottomline witnessed a stupendous growth of 92.68 per cent YoY for Q1FY13, which stood at Rs 30.25 crore as against Rs 15.70 crore for Q1FY12. On the valuations front, the stock discounts its trailing 12-month earning by 4.42x, which is lower as compared to that of its other listed peers like Ramco Industries and Everest Industries. The company is virtually debt-free, and the EV/EBITDA stands at 2.21x. It also has a healthy dividend yield at 3.68 per cent.

We suggest that you look at the stock from a longer-term perspective, but follow a staggered investment pattern rather than investing on a lump sum basis.

 

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