"La Opala RG is engaged into the manufacturing and manufacturing of lifestyle products in tableware segment. The company operates in the glass & glassware segment. During the quarter, the robust growth of Net Profit is increased by 151.78% to Rs. 92.83 million. Net Sales and PAT of the company are expected to grow at a CAGR of 28% and 51% over 2011 to 2014E respectively. Revenue for the quarter rose 64.30% to Rs.501.68 million from Rs.305.35 million, when compared with the prior year period. The company has implemented an expansion in capacity at its Sitarganj unit, while planning modernisation of Madhupur plant. The company entered into the crockery market and introduced a wide range of opalware with a capacity of 688 tons p.a. The company's expansion Project at Sitargunj has been completed successfully & commercial production has started from July, 2012.
The company's net profit jumps to Rs.92.83 million against Rs.36.87 million in the corresponding quarter ending of previous year, an increase of 151.78%. Revenue for the quarter rose 64.30% to Rs.501.68 million from Rs.305.35 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.8.76 a share during the quarter, registering 151.78% increase over previous year period. Profit before interest, depreciation and tax is Rs.148.78 millions as against Rs.73.32 millions in the corresponding period of the previous year.
At the current market price of Rs.295.00, the stock P/E ratio is at 12.59 x FY13E and 9.83 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.23.44 and Rs.30.02 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 28% and 51% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 6.91 x for FY13E and 5.49 x for FY14E. Price to Book Value of the stock is expected to be at 4.67 x and 3.90 x respectively for FY13E and FY14E. We recommend 'BUY' in this particular scrip with a target price of Rs 330 for Medium to Long term investment," says Firstcall Research report.
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