De Nora India
A subsidiary of De Nora, holding 53.68% stake, the company has a manufacturing facility at Goa, catering to the needs of the chlor-alkali industry, making electrolytic products. Its third quarter ended 30th Sept 2013 (previous year) was one of its best till date and in comparison to that, this years Q3 performance looks very pale. YoY, net revenue dropped 60% at Rs.10 crore and net profit came in at Rs.2 crore, down 78%. The higher base effect has made current Q3 look dull though sequentially, net profit showed a whopping surge of 194%.
CY13 will not look as brilliant as CY12 due to its exuberant Q3 last year. It was a one-off kind of performance. Thus surpassing last year’s performance at this juncture, seems very difficult. Its net profit for 9MCY13 stands at Rs.4 crore compared to Rs.13 crore for CY12. Fundamentally, the company is sound – debt free, sitting on reserves of Rs.28 crore and its equity is small at Rs.5.31 crore. Annualised EPS stands at Rs.12, discounting the current price by 8.5 times.