NRB Bearings Ltd. share price target

ICICI Securities Ltd | Retail Equity Research NRB Bearings reported Q2FY17 results below our estimates on the operational front. Revenues came in at | 179.7 crore, up 7% YoY but below our expectation of | 190 crore for the quarter EBITDA margins came in at 15.8% vs. 18.3% YoY. Margins were higher in Q2FY16 on account of forex gain of | 3.3 crore. We estimated margins of 17% for the quarter. In Q2FY17, the company reported forex loss of | 1.1 crore. Other expenses for the quarter also...

ICICI Securities Ltd | Retail Equity Research NRB Bearings reported decent Q1FY17 numbers, which were broadly in line with our estimates. Revenues came in at | 174.6 crore, up 9.2% YoY and below our estimate of | 187.5 crore for the quarter EBITDA increased 26.5% YoY to | 29.3 crore (our estimate: | 30 crore). EBITDA margins for Q1FY17 increased 230 bps YoY to 16.8% (our estimate: 16%) on account of an improvement in gross margins (improvement of 50 bps YoY), lower employee cost (improvement of...

The company reported higher depreciation of | 10.3 crore as it componentised its fixed assets, increasing depreciation amount by | 3.94 crore. Consequently, PAT increased only 2.7% YoY to | 12 crore...

NRBBR well positioned to benefit from economic recovery: Industrial and investment activity are showing signs of improvement with GDP estimated to grow at 7.5-8.0% during FY16E-17E. Bearing, being a basic industry and having its application across all sectors, is well positioned to benefit from economic revival. NRBBR, well equipped with diverse product portfolio, is expected to grow (sales) at a CAGR of 10.5% between FY15-17E to Rs. 8,812 Mn, while improving EBITDA and PAT margins to 22.9% & 11.6% levels respectively.