The only listed private port of India, Mundra Port has been doing exceedingly well on the business, since the past fortnight. After having scaled Rs.880 a week ago, the stock is still high at Rs.849. There is a major buzz around the stock, on expectations of group company – Adani Power planning an IPO soon.
And now with the company posting a good financial performance for Q4 & FY 08 ended 31-03-08, the stock seems like a prime pick in any portfolio.
For the year ended 31-03-08, the company posted a net income of Rs.818.21 crore on which it posted a PBT of Rs.355.16 crore and PAT was at Rs.205.71 crore. The huge tax outgo of Rs.103.61 crore ate away quite a lot of the profit margin.
If one looks at the Q4 results, it becomes quite apparent that the company’s profitability for FY08 was fueled, mainly due to the Q4 earnings.
For Q4 FY 08, its net income was Rs.328.65 crore and on Q0Q, there was an almost a 5-fold jump in other income at Rs.20.91 crore. EBIDTA was at Rs.284.96 crore and PBT was at Rs.223.86 crore, which is 63% of entire FY 08 PBT earnings. Tax outgo in Q4 was at Rs.103.61 crore as against Rs.19.16 crore in Q3. PAT in Q4 was at Rs.91.10 crore.
The company had gone public in November 2007 and it had offered shares at Rs.440 per share. The IPO was subscribed 116 times and it got listed t Rs.770. Since then, it touched a low Rs.463 only once on 24-03-08, but again never went below the offer price.
The company has signed an agreement with Maruti for a mega car terminal for exports of cars and this is expected to be operational by December 2007. FY 09 is estimated to be good, so stay invested. Buy if the stock dips below Rs.720 levels.
Source: sptulsian.com
