The document provides an analysis report on Multibase India Ltd for the quarter ending March 31, 2015. The key highlights are:
1) Multibase India Ltd reported a 19.59% rise in net profit to Rs. 19.29 million for the quarter compared to the same period last year as revenue grew 5.26% to Rs. 158.65 million.
2) Earnings per share stood at Rs. 1.53 for the quarter, a 19.59% rise from the previous year.
3) Operating profit increased 26.89% to Rs. 31.95 million for the quarter compared to Rs. 25.18 million in the same period last year.
Exide Ind: Net sales grows 17.51% to Rs19123.60 mn; Maintain buyIndiaNotes.com
Exide Industries' Net sales registered a growth of 17.51% to Rs.19123.60 million for the quarter ended June 30th 2014 as against Rs.15412.00 million for the corresponding quarter last year. Buy for a target of Rs.180.00.
Exide Ind: Net sales grows 17.51% to Rs19123.60 mn; Maintain buyIndiaNotes.com
Exide Industries' Net sales registered a growth of 17.51% to Rs.19123.60 million for the quarter ended June 30th 2014 as against Rs.15412.00 million for the corresponding quarter last year. Buy for a target of Rs.180.00.
Long term investment: Buy Bharat Forge for target price of Rs1220IndiaNotes.com
Bharat Forge Ltd. (BFL), the flagship company of the USD2.5 billion Kalyani Group is a global provider of high performance, innovative, safety & critical components and solutions to various industries.
This is a sample valuation of Apollo Tyres Pvt Ltd conducted by Precisial Global Business Services OPC Pvt Ltd. Figures and assumptions have been extrapolated from available public information. The sample report should not be used for any investment related purpose. For details, pls contact us on the address mentioned in the document
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Long term investment: Buy Bharat Forge for target price of Rs1220IndiaNotes.com
Bharat Forge Ltd. (BFL), the flagship company of the USD2.5 billion Kalyani Group is a global provider of high performance, innovative, safety & critical components and solutions to various industries.
This is a sample valuation of Apollo Tyres Pvt Ltd conducted by Precisial Global Business Services OPC Pvt Ltd. Figures and assumptions have been extrapolated from available public information. The sample report should not be used for any investment related purpose. For details, pls contact us on the address mentioned in the document
The City of Toronto is studying a series of transportation projects, initiatives and polices to support the vision of the recently completed Highland Creek Village Area Study and re-development of the Highland Creek Village area. The mobility needs of local residents, employees, businesses and all road users will be considered.
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Finolex Ind: Q1 Net profit ramps up by 121.68%; Maintain buyIndiaNotes.com
Finolex's net profit for the quarter ramps up by 121.68% to Rs. 502.03 million from Rs. 226.47 million, when compared with the prior year period. Investors are recommended to buy the stock for a price target of Rs319 for medium to long term investment.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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Turin Startup Ecosystem 2024
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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Multibase India's FY15 net profit up 42% y/y, Firstcall recommend 'Buy'
1. CMP 209.60
Target Price 240.00
ISIN: INE678F01014
JUNE 10th
2015
MULTIBASE INDIA LTD
Result Update (PARENT BASIS): Q4 FY15
BUY
Index Details
Stock Data
Sector Auto Tyres & Rubber Products
BSE Code 526169
Face Value 10.00
52wk. High / Low (Rs.) 342.50/61.65
Volume (2wk. Avg.) 5436
Market Cap (Rs. in mn.) 2645.15
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS FY15A FY16E FY17E
Net Sales 616.47 690.45 759.49
EBITDA 117.03 139.65 153.84
Net Profit 72.21 86.36 95.65
EPS 5.72 6.84 7.58
P/E 36.63 30.63 27.66
Shareholding Pattern (%)
1 Year Comparative Graph
MULTIBASE INDIA LTD S&P BSE SENSEX
SYNOPSIS
Multibase India Ltd is engaged in the manufacture
and sale of thermoplastic compounds.
In Q4 FY15, Net profit jumps to Rs. 19.29 million an
increase of 19.59% against Rs. 16.13 million in the
corresponding quarter of previous year.
The company’s net sales registered 5.26% increase
in Q4 FY15 and stood at Rs. 158.65 million from Rs.
150.72 million over the corresponding quarter of
previous year.
During the quarter operating profit is Rs. 31.95
million as against Rs. 25.18 million in the
corresponding period of the previous year, grew by
26.89%.
During the quarter, EPS stood at Rs. 1.53 as
compared to Rs. 1.28 over the corresponding quarter
of previous year.
Profit before tax stood at Rs. 31.08 million in Q4
FY15 as against Rs. 23.93 million in Q4 FY14, an
increase of 29.88%.
Total income stood at Rs. 161.87 million in Q4 FY15
as against Rs. 153.00 million in the corresponding
period of the previous year, registering a growth of
5.80%.
Net profit grew by 42% to Rs. 72.21 million for the
end of FY15 from Rs. 50.79 million for the end of
FY14.
For the end of FY15, the company registered a
growth of 13% in Net sales to Rs. 616.47 million
from Rs. 545.64 million for the end of FY14.
Net Sales and PAT of the company are expected to
grow at a CAGR of 14% and 21% over 2014 to 2017E
respectively.
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
Multibase India Ltd 209.60 2645.15 5.72 36.63 6.43 0.00
Pix Transmissions Ltd 45.10 614.50 2.53 17.83 0.40 10.00
Rubfila International Ltd 44.10 1905.90 3.14 14.04 2.69 15.00
Indag Rubber Ltd 154.00 4042.50 12.41 12.41 2.98 120.00
2. QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results Updates- Q4 FY15
Multibase India Limited was incorporated in 1991 and is
engaged in the manufacture and sale of thermoplastic
compounds has reported its financial results for the
quarter ended 31st March, 2015.
The company’s net profit jumps to Rs. 19.29 million against Rs. 16.13 million in the corresponding quarter
ending of previous year, an increase of 19.59%. Revenue for the quarter rose by 5.26% to Rs. 158.65 million from
Rs. 150.72 million, when compared with the prior year period. Reported earnings per share of the company
stood at Rs. 1.53 a share during the quarter as against Rs. 1.28 over previous year period. Profit before interest,
depreciation and tax is Rs. 31.95 million as against Rs. 25.18 million in the corresponding period of the previous
year.
Break up of Expenditure
Months Mar-15 Mar-14 % Change
Net Sales 158.65 150.72 5.26
PAT 19.29 16.13 19.59
EPS 1.53 1.28 19.59
EBITDA 31.95 25.18 26.89
Break up of Expenditure
(Rs in millions)
Q4 FY15 Q4 FY14
%
CHNG
Cost of materials
consumed
83.99 87.96 -5%
Purchase of stock in Trade 8.12 9.03 -10%
Employee benefits
expense
8.82 6.03 46%
Depreciation &
Amortization Expense
0.70 1.12 -38%
Other expenses 19.17 15.77 22%
3. COMPANY PROFILE
Multibase India Limited was incorporated in 1991 and is engaged in the manufacture and sale of thermoplastic
compounds in India. The company also offers polypropylene compound, thermoplastic elastomer, silicon master
batch, and thermoplastic master batch products. Its products are used in a range of applications, including
automotive, personal care, personal hygiene, stationery, telecommunications, engineering polymers, etc.
Multibase India Limited is a subsidiary of Multibase S.A, France.
Brands
• Dow Corning SiMB
• Multiflex®
• Multibatch®
• Multipro
• TPSiV®
4. FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as at March 31, 2014 -2017E
FY14A FY15A FY16E FY17E
SOURCES OF FUNDS
Shareholder's Funds
Share Capital 126.20 126.20 126.20 126.20
Reserves and Surplus 214.17 285.43 371.79 467.43
1. Sub Total - Net worth 340.37 411.63 497.99 593.63
Non Current Liabilities
Deferred Tax Liabilities 2.34 1.69 1.79 1.85
Long term Provisions 2.80 3.82 4.32 4.71
2. Sub Total - Non Current Liabilities 5.14 5.51 6.11 6.55
Current Liabilities
Trade Payables 55.63 40.00 35.20 38.02
Other Current Liabilities 5.78 7.75 9.38 10.69
Short Term Provisions 1.65 3.07 3.56 4.02
3. Sub Total - Current Liabilities 63.06 50.82 48.14 52.73
Total Liabilities (1+2+3) 408.57 467.96 552.23 652.91
APPLICATION OF FUNDS
Non-Current Assets
a) Fixed Assets 50.36 52.72 56.94 60.35
b) Long Term loans and advances 9.49 9.89 10.48 11.01
1. Sub Total - Non Current Assets 59.85 62.61 67.42 71.36
Current Assets
Inventories 111.42 93.51 104.73 117.30
Trade receivables 106.14 100.70 108.76 120.72
Cash and Bank Balances 106.69 177.63 232.45 299.22
Short-terms loans & advances 24.47 33.51 38.87 44.31
2. Sub Total - Current Assets 348.72 405.35 484.81 581.55
Total Assets (1+2) 408.57 467.96 552.23 652.91
5. Annual Profit & Loss Statement for the period of 2014 to 2017E
Value(Rs.in.mn) FY14A FY15A FY16E FY17E
Description 12m 12m 12m 12m
Net Sales 545.64 616.47 690.45 759.49
Other Income 8.19 12.31 13.29 14.09
Total Income 553.83 628.78 703.74 773.58
Expenditure -473.19 -511.75 -564.09 -619.74
Operating Profit 80.64 117.03 139.65 153.84
Interest -0.72 -0.60 -0.66 -0.71
Gross profit 79.92 116.43 138.99 153.13
Depreciation -4.72 -7.07 -8.34 -9.51
Profit Before Tax 75.20 109.36 130.64 143.62
Tax -24.41 -37.15 -44.29 -47.97
Net Profit 50.79 72.21 86.36 95.65
Equity capital 126.20 126.20 126.20 126.20
Reserves 214.17 285.43 371.79 467.43
Face value 10.00 10.00 10.00 10.00
EPS 4.02 5.72 6.84 7.58
Quarterly Profit & Loss Statement for the period of 30th Sep, 2014 to 30th Jun, 2015E
Value(Rs.in.mn) 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15E
Description 3m 3m 3m 3m
Net sales 148.59 162.59 158.65 168.17
Other income 2.88 3.67 3.22 3.41
Total Income 151.47 166.26 161.87 171.58
Expenditure -126.72 -130.56 -129.92 -139.75
Operating profit 24.75 35.70 31.95 31.83
Interest -0.20 -0.13 -0.17 -0.14
Gross profit 24.55 35.57 31.78 31.69
Depreciation -2.11 -2.16 -0.70 -0.78
Profit Before Tax 22.44 33.41 31.08 30.91
Tax -6.82 -11.26 -11.79 -10.38
Net Profit 15.62 22.15 19.29 20.52
Equity capital 126.20 126.20 126.20 126.20
Face value 10.00 10.00 10.00 10.00
EPS 1.24 1.76 1.53 1.63
7. OUTLOOK AND CONCLUSION
At the current market price of Rs. 209.60, the stock P/E ratio is at 30.63 x FY16E and 27.66 x FY17E
respectively.
Earnings per share (EPS) of the company for the earnings for FY16E and FY17E are seen at Rs. 6.84 and Rs.
7.58 respectively.
Net Sales and PAT of the company are expected to grow at a CAGR of 14% and 21% over 2014 to 2017E
respectively.
On the basis of EV/EBITDA, the stock trades at 17.28 x for FY16E and 15.25 x for FY17E.
Price to Book Value of the stock is expected to be at 5.31 x and 4.46 x for FY16E and FY17E respectively.
We recommend ‘BUY’ in this particular scrip with a target price of Rs. 240.00 for Medium to Long term
investment.
INDUSTRY OVERVIEW
The Indian auto components industry has experienced healthy sequential growth over the last one-and-a-half
years. The growth can be attributed to factors such as strong buoyancy in the end-user industry, recovery of the
global economy, improved consumer sentiment and return of adequate liquidity in the financial system. The
revival of the auto industry was initially driven by the fiscal stimulus programme of the government.
The industry currently accounts for almost seven per cent of India’s gross domestic product (GDP) and employs
about 19 million people, both directly and indirectly. The ever-increasing development in infrastructure, big
domestic market, increasing purchasing power and stable government framework have made India a favourable
destination for investment, as per the vision of Automotive Mission Plan (AMP) 2006–2016.
The Indian auto component industry is expected to register a turnover of US$ 66 billion by FY 15–16 with the
likelihood to touch US$ 115 billion by FY 20–21 depending on favourable conditions, as per the estimates by
Automotive Component Manufacturers Association of India (ACMA). In addition, industry exports are projected
to reach US$ 12 billion by FY 15–16 and add up to US$ 30 billion by FY 20–21. Revenues for the auto industry in
2014-15 are expected to grow by 11-12 per cent supported by healthy recovery by major original equipment
manufacturers (OEMs) in the medium and heavy commercial vehicles (M&HCV) and passenger vehicle (PV)
segment.
The Government of India’s Automotive Mission Plan (AMP) 2006–2016 has come a long way in ensuring the
growth of this sector in the global market. It is expected that this sector's contribution to the GDP will double
8. reaching a turnover of US$ 145 billion in 2016 due to the government’s special focus on exports of small cars,
multi-utility vehicles (MUVs), two and three-wheelers and auto components.
Outlook
The rapidly globalising world is opening new avenues for the transportation industry, generating the need for
more efficient, safe and reliable modes of transportation, which is subsequently adding to the auto component
industry’s growing opportunities. According to a report by the Confederation of Indian Industry (CII), the Indian
auto component industry is set to become the third largest in the world by 2025. Also, by that time, newer
verticals and opportunities for component manufacturers will open up as the automobile market will shift
towards electric, electronic and hybrid cars, and newer technologies will have to be adopted via systematic
research and development.
Indian auto component makers are well positioned to benefit from the globalisation of the sector as exports
potential could be increased by up to four times to US$ 40 billion by 2020.
Disclaimer:
This document is prepared by our research analysts and it does not constitute an offer or solicitation for the
purchase or sale of any financial instrument or as an official confirmation of any transaction. The information
contained herein is from publicly available data or other sources believed to be reliable but we do not represent that
it is accurate or complete and it should not be relied on as such. Firstcall Research or any of its affiliates shall not be
in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. Firstcall Research and/ or its affiliates and/or employees will not be liable for
the recipients’ investment decision based on this document.
9. Firstcall India Equity Research: Email – info@firstobjectindia.com
C.V.S.L.Kameswari Pharma & Diversified
U. Janaki Rao Capital Goods
B. Anil Kumar Auto, IT & FMCG
M. Vinayak Rao Diversified
G. Amarender Diversified
Firstcall Research Provides
Industry Research on all the Sectors and Equity Research on Major Companies
forming part of Listed and Unlisted Segments
For Further Details Contact:
Tel.: 022-2527 2510/2527 6077 / 25276089 Telefax: 022-25276089
040-20000235 /20000233
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