Item: GMM Pfaudler Ltd.
Rating: 5
Author: BP Wealth

BP Equities GMM Pfaudler Ltd Q4FY19 Result Update

Buy: GMM Pfaudler Ltd.

Target

BP Wealth

GMM Pfaudler Ltd (GMM), for Q4FY19, reported a decent set of numbers. Revenue grew at 37.4% YoY to INR 1,207mn (est INR 1,155mn). EBITDA showed growth of 17.9% YoY to INR170mn (est INR191mn) with 231bps YoY contraction in margin from 16.4% in Q4FY18 to 14.1% in Q4FY19, due to adverse product mix mainly led by Heavy engineering business ,which grew by 116% YoY with only 2.1% EBIT margin compared to 15.2% in Q4FY18. As per the management, the decline in margin was due to a single large order taken by the company for strategic reasons and is expected not to repeat going forward. Net profit surged by 27.9% to INR 108mn (est. INR112mn) due to operationally weak performance and lower tax expense (33.5% vs 39.7%). During the quarter, export share in revenue remained at 10%. Most of the export orders were mainly lead by Pfaudler Inc( Parent) network. Capacity Expansion in Glass lined Equipment business to tap increasing demand...

Comment

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Hitesh Ramji Javeri	50
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Sangeetha S	50
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President Of India	56

Name	Returns(%)
Name	Week	Month	Year
Quant Active Fund - Reg - G	-0.25%	0.77%	15.31%
UTI - Equity Fund. - Reg - G	-0.90%	3.94%	11.15%
HDFC Multi-Asset Fund - Reg - G	-2.17%	0.82%	8.52%
Edelweiss Equity Savings Fund - Reg - G	-0.45%	0.85%	6.74%
IDFC Focused Equity Fund - Reg - G	-2.12%	1.69%	6.64%

Name	Returns(%)
Name	Week	Month	Year
DHFL Pramerica Midcap Opportunities Fund - Reg - G	-2.21%	0.27%	27.98%
DSP Small Cap Fund - Reg - G	-0.70%	1.23%	17.54%
Union Small Cap Fund - Reg - G	-1.80%	-0.25%	15.20%
Kotak Small Cap Fund - Reg - G	-0.55%	1.63%	14.06%
UTI - Mid Cap Fund - Reg - G	-0.56%	0.41%	13.19%

Name	Returns(%)
Name	Week	Month	Year
Parag Parikh Long Term Equity Fund - Reg - G	-2.14%	-1.08%	18.67%
DHFL Pramerica Diversified Equity Fund - Reg - G	-1.63%	2.41%	13.69%
Quant Mid Cap Fund - Reg - G	0.05%	0.19%	13.41%
Taurus Ethical Fund - Reg - G	-1.10%	0.85%	12.17%
Baroda Mid-cap Fund - Reg - G	-0.71%	0.41%	12.16%

GMM Pfaudler Ltd.

BP Equities GMM Pfaudler Ltd Q4FY19 Result Update

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