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PL First Cut – S Chand Ltd | 1QFY24
Prabhudas Lilladher Pvt Ltd
PL First Cut – S Chand Ltd | 1QFY24 – Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd
PL First Cut – S Chand Ltd | 1QFY24 – Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd
S Chand Ltd | 1QFY24 First Cut | Record Q1 Revenue and GM above our estimates | BUY | TP Rs257 |
✳️Top-line increased 3.5% YoY to Rs1,111mn (PLe of Rs1,052mn) versus Rs1,073mn in 1QFY23.
✳️Gross profit increased 5.8% YoY to Rs765mn (PLe of Rs641mn) with a GM of 68.8% (PLe 61.0%) as against 67.4% in 1QFY23 and 62.4% in 4QFY23.
✳️EBITDA grew by 13.5% YoY and stood at Rs135mn (PLe EBITDA loss of Rs63mn) as against an EBITDA of Rs119mn in 1QFY23.
✳️PAT declined 83% YoY and stood at Rs11mn in Q1FY24 (PLe Loss of Rs133mn) vs Rs62mn in 1QFY23. However, in the base quarter there was a revaluation gain of Rs98mn on Smartivity Labs.Adjusting for it, loss in Q1FY23 stood at Rs36mn versus a PAT of Rs11mn in Q1FY24
✳️S Chand trades at 12.0x/9.9x our FY24E/FY25E EPS estimate. Our current rating is BUY with a TP of Rs257 and we shall come back with more details post con-call scheduled on Monday at 12 PM. Dial- In Number - 22-6280 1360.
