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					                                                                                                4QFY2012 Result update | Power Cables
                                                                                                                                     May 4, 2012



 Finolex Cables                                                                                   BUY
                                                                                                  CMP                                         `36
 Performance highlights                                                                           Target Price                                `61
  Y/E March (` cr)     4QFY2012      3QFY2012        % chg (qoq)   4QFY2011       % chg (yoy)     Investment Period                  12 Months
  Net sales                   605            499            21.1          539           12.1
  EBITDA                        58            41            40.9            40          45.9      Stock Info

  EBITDA (%)                   9.6            8.3          136bp            7.4       223bp       Sector                             Power Cables
                                                                                                  Market Cap (` cr)                             544
  PAT                           45            14            225             19           139
  Source: Company, Angel Research                                                                 Beta                                           1.0
                                                                                                  52 Week High / Low                          54/21
 For 4QFY2012, Finolex Cables (Finolex) reported strong 21.1% qoq and 12.1% yoy                   Avg. Daily Volume                           45,175
 growth in its top line to `605cr. The company’s operating profit increased by whopping           Face Value (`)                                  2
 45.9% yoy to `58cr. OPM expanded by 223bp yoy and 136bp qoq to 9.6%. PAT came in                 BSE Sensex                                  16,831
 at `45cr, up 139% yoy and 225% qoq. Going ahead, the business outlook remains                    Nifty                                        5,087
 positive, given the growth prospects in user industries and higher sales from the                Reuters Code                           FNXC.BO
 high-tension (HT) cables plant. We maintain our Buy rating on the stock.                         Bloomberg Code                        FNXC@IN

 Highest sales and PAT in the last eight quarters, while margins expand: Finolex reported
 12.1% yoy growth in its top line to `605cr. The main electrical cables segment reported          Shareholding Pattern (%)
 strong growth of 39.5% yoy and 21.3% qoq to `506cr. However, the other two segments,             Promoters                                    35.7

 communication cables and copper rods, reported declines of 27.4% and 36.7%,                      MF / Banks / Indian Fls                      11.8

 respectively. The company’s EBITDA margin increased by 233bp yoy to 9.6% on the back             FII / NRIs / OCBs                             4.9

 of lower raw-material cost. Raw-material cost as a percentage of sales declined to 74.9%         Indian Public / Others                       47.7

 in 4QFY2012 compared to 80.2% in 4QFY2011. PAT increased by 139% yoy to `45cr
 (`19cr) on the back of margin expansion, lower forex loss, higher other income and tax
                                                                                                  Abs.(%)                     3m       1yr       3yr
 adjustments. Other income increased by 130% yoy to `9cr, while forex loss declined by            Sensex                     (4.4)    (8.9)    38.7
 15.6% to `10cr. Consequently, PAT margin increased by 391bp yoy to 7.4% (3.5%).                  Finolex Cables             4.9     (30.4)    46.2

 Outlook and valuation: We remain positive on the company’s prospects going ahead,
 given strong growth in user industries, which are showing no signs of abating. Higher
 sales from the HT cables plant and start of production at the extra high voltage (EHV) plant
 would further boost the company’s growth. Overall, we expect the company’s sales to post
 a 13.6% CAGR over FY2012–14E, while PAT is expected to post a CAGR of 16.6% over
 the same period. At the CMP, the stock is trading at 3.5x its FY2014E EPS. We maintain
 our Buy rating on the stock with a target price of `61.

 Key financials
 Y/E March (` cr)                        FY2010E       FY2011E      FY2012E        FY2013E
 Net Sales                                  2,036          2,064       2,334          2,687
 % chg                                        25.8           1.4         13.1           15.1
 Net Profit                                     87            98         117            156
 % chg                                        50.6          13.1         19.0           33.9
 EBITDA Margin (%)                             8.4           8.4            8.8          9.3
 FDEPS (`)                                     5.7           6.4            7.6         10.2
 P/E (x)                                       6.3           5.5            4.7          3.5
 P/BV (x)                                      0.8           0.7            0.6          0.5
 RoE (%)                                      12.8          15.2         13.7          16.1
 RoACE (%)                                    13.6          13.5         16.0           19.2
                                                                                                 Sharan Lillaney
 EV/Sales (x)                                  0.3           0.2            0.2          0.1     +91 22 3935 7800 Ext: 6811
 EV/EBITDA (x)                                 3.1           2.4            1.9          1.1     Sharanb.lillaney@angeltrade.com
 Source: Company, Angel Research

Please refer to important disclosures at the end of this report                                                                                   1
                                                                                   Finolex Cables | 4QFY2012 Result update



Exhibit 1: 4QFY2012 performance highlights
Y/E March (` cr)            4QFY2012       3QFY2012    % chg (qoq)    4QFY2011      % chg (yoy)    FY2012      FY2011       % chg
Net Sales                         604.8       499.5           21.1          539           12.1       2,064      2,036          1.4
Consumption of RM                 453.1       388.9           16.5        432.7             4.7      1,595      1,619        (1.5)
(% of Sales)                       74.9        77.9                        80.2                       77.3        79.5
Staff Costs                        18.5        17.3            7.0         18.9           (2.1)       69.5        64.7         7.3
(% of Sales)                        3.1         3.5                         3.5                        3.4         3.2
Other Expenses                     75.0        52.0           44.2         47.9           56.5       225.8      180.0        25.4
(% of Sales)                       12.4        10.4                         8.9                       10.9         8.8
Total Expenditure                 546.5       458.2           19.3        499.5             9.4      1890        1864          1.4
Operating Profit                   58.2        41.3           40.9         39.9           45.9       173.8      171.9          1.1
OPM                                 9.6         8.3         136bp           7.4          223bp         8.4         8.4       (2)bp
Interest                            7.5         8.1           (7.4)         3.9           93.8        25.1        17.4       44.2
Depreciation                        7.1        12.8         (44.3)          9.1          (21.1)       39.5        38.8         1.8
Other Income                        9.4         4.0          135.2          4.1          130.0        36.4        25.9       40.4
PBT (excl. Extr. Items)            53.0        24.4          117.0         31.1           70.5       145.6      141.6          2.8
Extr. Income/(Expense)            (10.1)       (7.9)                      (12.0)         (15.6)      (36.4)      (34.4)
PBT (incl. Extr. Items)            42.9        16.5           160          19.1            124       109.3      107.2          1.9
(% of Sales)                        7.1         3.3                         3.5                        5.3         5.3
Provision for Taxation             (1.7)        2.8          (160)          0.4           (491)       11.1        20.4      (45.7)
(% of PBT)                         (3.9)       17.0                         2.3                       10.1        19.0
Reported PAT                       44.6        13.7           225          18.7            139        98.2        86.8       13.2
PATM                                7.4         2.7         463bp           3.5          391bp         4.8         4.3       50bp
Equity shares (cr)                 15.3        15.3                        15.3                       15.3        15.3
EPS (`)                             2.9         0.9           225           1.2            139         6.4         5.7       13.2
Source: Company, Angel Research


                                                Segment-wise performance

                                                The electrical cables segment reported strong 39.5% yoy growth in sales, driven by
                                                higher realization and contribution from the HT cables plant. However, the
                                                segment’s margin declined by mere 28bp yoy to 12.7% (12.9%), with EBIT coming
                                                in at `64cr (`47cr).

                                                The communication cables segment posted a decline of 27.4% yoy in the top line,
                                                with sales of `37cr (`51cr), as there was a considerable reduction in the number of
                                                tenders invited for the segment. The situation is expected to remain this way for
                                                some time. As a consequence of lower sales, the segment’s margin fell by 441bp
                                                yoy to 10.3% (14.7%).

                                                The copper rods segment reported a 36.7% yoy decline in its top line to `231cr
                                                (`366cr) during the quarter. EBIT came in at `2cr and margin stood at 1.0%.

                                                The others segment registered a 13.0% yoy decline in sales to `35cr during the
                                                quarter (`40cr).




May 4, 2012                                                                                                                      2
                                                            Finolex Cables | 4QFY2012 Result update



              Exhibit 2: Segment-wise performance
              Y/E March (` cr)                 4QFY2012 3QFY2012 4QFY2011 % chg (qoq) % chg (yoy)
              Total Revenue
              A) Electrical Cables                        506              417              363                  21.3             39.5
              B) Communications Cables                      37               41                  51              (9.0)        (27.4)
              C) Copper Rods                              231              153              366                  51.8         (36.7)
              D) Others                                     35               31                  40              10.3         (13.0)
              Total                                       809              642              819                  26.1             (1.2)
              Less: Inter-Segmental Rev.                  204              142              279                  43.6         (26.9)
              Net Sales                                   605              499              539                  21.1             12.1
              EBIT Margin (%)
              A) Electrical Cables                        12.7             10.9            12.9                 179bp         (28)bp
              B) Communications Cables                    10.3              6.2            14.7                 414bp        (441)bp
              C) Copper Rods                               1.0              0.5                  1.0            48bp           (5)bp
              D) Others                                   (8.3)            (7.3)           (3.7)            (106)bp          (461)bp
              Source: Company, Angel Research


              Sales up by 21.1% qoq and 12.1% yoy

              Finolex reported 21.1% qoq and 12.1% yoy growth in its top line to `605cr during
              the quarter. Going ahead, we expect sales to grow, given the positive outlook in
              user industries and higher contribution to sales from the HT cables plant.

              Exhibit 3: Highest sales in the last eight quarters
                       700                                                                                                    60
                                                                                                                   605
                       600                                        539                                                         50
                             493      491       513                                     499            499
                       500                                                  461                                               40
                       400                                                                                                    30
              (` cr)




                                                                                                                                     (%)
                       300                                                                                                    20
                       200                                                                                                    10
                       100                                                                                                    0
                        0                                                                                                     (10)
                             1QFY11



                                      2QFY11



                                                 3QFY11



                                                                  4QFY11



                                                                             1QFY12



                                                                                        2QFY12



                                                                                                       3QFY12



                                                                                                                    4QFY12




                                                 Sales (LHS)                      yoy Growth (RHS)

              Source: Company, Angel Research




May 4, 2012                                                                                                                          3
                                                                       Finolex Cables | 4QFY2012 Result update



              OPM expands yoy to 9.6%

              The company’s OPM expanded to 9.6% in 4QFY2012 from 7.4% in 4QFY2011.
              OPM also improved by 136bp on a qoq basis. This improvement can be attributed
              to lower raw-material cost. Going ahead, however, we expect the company’s
              margin to improve from current levels.

              Exhibit 4: OPM trend
                        70                                                                                                                                  12
                                                     9.9                                                                                         9.6
                        60                                                                                                                                  10
                             8.0        8.5                                                                                    8.3
                                                                                                             8.0
                        50                                              7.4               7.5
                                                                                                                                                            8
                        40
               (` cr)


                                                                                                                                                            6




                                                                                                                                                                   (%)
                        30
                                                                                                                                                            4
                        20

                        10                                                                                                                                  2
                             40         41           51                 40                34                 40                41                58
                        0                                                                                                                                   0
                             1QFY11



                                        2QFY11



                                                     3QFY11



                                                                        4QFY11



                                                                                          1QFY12



                                                                                                             2QFY12



                                                                                                                               3QFY12



                                                                                                                                                 4QFY12
                                                                 EBITDA (LHS)                               OPM (RHS)

              Source: Company, Angel Research


              PAT up by whopping 139% yoy

              Finolex reported the highest profit in the last eight quarters in 4QFY2012 on the
              back of strong sales growth, margin expansion, lower forex loss and higher other
              income. The company’s PAT increased by whopping 139% yoy and 225% qoq to
              `45cr. The company also benefited from prior-period tax adjustments and MAT
              credit and ended with negative tax outflow of `2cr. On top of that, other income
              increased by 130% yoy to `9cr, while forex loss declined by 15.6% to `10cr. Consequently,
              PAT margin increased by 391bp yoy to 7.4% (3.5%) during the quarter.


              Exhibit 5: PAT trend
                        50
                                                                                                                                                          45
                        45
                        40
                        35
                        30                                    26
              (` cr)




                        25      23
                                            19                                   19                20                 20
                        20
                                                                                                                                        14
                        15
                        10
                         5
                         0
                               1QFY11



                                            2QFY11



                                                              3QFY11



                                                                                 4QFY11



                                                                                                   1QFY12



                                                                                                                      2QFY12



                                                                                                                                        3QFY12



                                                                                                                                                          4QFY12




              Source: Company, Angel Research




May 4, 2012                                                                                                                                                         4
                                                Finolex Cables | 4QFY2012 Result update



              Investment arguments
              LT and HT cables segments to drive growth: Finolex is poised to register moderate
              growth over the next few years, owing to growth in the existing low-tension (LT)
              cables segment and entry into the HT and EHV cables verticals. In the LT cables
              segment, we expect organized players to gradually gain market share as their
              distribution reach expands and customers increasingly demand high-quality and
              branded wires. Entry into the HT cables segment gives accessibility to the
              generation and distribution segment, where the market opportunity is estimated at
              `37,000cr over the next 10 years.

              Tax benefits from Roorkee plant to help in the company’s turnaround: The
              company has shifted a major chunk of production to its Roorkee plant, which
              avails excise duty and income tax benefits. Owing to this, we expect excise duty
              and tax rates for the company to remain low at around 24% going ahead. The
              company has further increased the capacity of this plant by 50%. Proximity to the
              growing north Indian markets and tax benefits availed by this plant are expected to
              boost the company’s turnaround.

              Major capex already undertaken: Finolex has already incurred the major capex
              required to register growth over the next 4-5 years. The company plans to further
              spend `80cr towards increasing/rebalancing of capacities for manufacturing
              various wire and cable products at its manufacturing units at Roorkee and Urse
              over FY2013-14. Thus, on account of high operating leverage and strong sales
              growth, we expect the company’s net profit to increase to `156cr in FY2014E from
              `98cr in FY2012.


              Outlook and valuation

              We remain positive on the company’s prospects going ahead, given strong growth
              in user industries, which are showing no signs of abating. Higher sales from the HT
              cables plant and start of production at the EHV plant would further boost the
              company’s growth. Overall, we expect the company’s sales to post a 13.6% CAGR
              over FY2012-14E, while PAT is expected to post a CAGR of 16.6% over the same
              period. At the CMP, the stock is trading at 3.5x its FY2014E EPS. We maintain our
              Buy rating on the stock with a target price of `61.




May 4, 2012                                                                                    5
                                                Finolex Cables | 4QFY2012 Result update



              Profit and loss statement
              Y/E March (` cr)                   FY10    FY11     FY12E   FY13E    FY14E
              Gross sales                        1,727   2,211    2,287   2,652    3,053
              Less: Excise duty                   108     176      206     318      366
              Net Sales                          1,619   2,036    2,081   2,334    2,687
              % chg                               20.7    25.8      1.4    13.1     15.1
              Total Expenditure                  1,422   1,864    1,890   2,129    2,438
              Net Raw Materials                  1,221   1,619    1,568   1,797    2,069
              Other Mfg costs                      28       34      38       38      44
              Personnel                            59       65      69       74      85
              Other                               113     147      214     220      239
              EBITDA                              197     172      191     205      249
              % chg                               93.5   (12.7)    10.9     7.4     21.7
              (% of Net Sales)                    12.2     8.4      9.2     8.8      9.3
              Depreciation& Amortisation           37       39      39       44      46
              EBIT                                160     133      151     161      203
              % chg                              153.5   (16.7)    13.5     6.2     26.3
              (% of Net Sales)                     9.9     6.5      7.3     6.9      7.5
              Interest & other Charges             19       17      25       13       6
              Other Income                         24       26      36       25      25
              (% of PBT)                          14.6    18.3     22.4    14.5     11.3
              Share in profit of Associates          -        -       -        -       -
              Recurring PBT                       165     142      162     172      222
              % chg                              102.5   (14.3)    14.7     6.1     28.7
              Extraordinary Expense/(Inc.)         76       34      36       19      16
              PBT (reported)                       89     107      126     154      206
              Tax                                  32       20      11       37      49
              (% of PBT)                          35.4    19.0      8.8    24.0     24.0
              PAT (reported)                       58       87     115     117      156
              Add: Share of earnings of asso.        -        -       -        -       -
              Less: Minority interest (MI)           -        -       -        -       -
              Prior period items                     -        -       -        -       -
              PAT after MI (reported)              58       87     115     117      156
              ADJ. PAT                            134     121      151     135      172
              % chg                               63.8    (9.3)    24.9   (10.5)    27.3
              (% of Net Sales)                       -     4.3      5.5     5.0      5.8
              Basic EPS (`)                        3.8     5.7      6.4     7.6     10.2
              Fully Diluted EPS (`)                3.8     5.7      6.4     7.6     10.2
              % chg                                  -    50.6     13.1    19.0     33.9




May 4, 2012                                                                            6
                                            Finolex Cables | 4QFY2012 Result update



              Balance sheet
              Y/E March (` cr)            FY10    FY11     FY12     FY13E    FY14E
              SOURCES OF FUNDS
              Equity Share Capital         31       31       31       31        31
              Preference Capital             -       -        -         -        -
              Reserves& Surplus           613      687      770      872     1,011
              Shareholders’ Funds         643      717      800      903     1,041
              Minority Interest              -       -        -         -        -
              Total Loans                 275      260      155       85        21
              Deferred Tax Liability       32       31       33       33        33
              Total Liabilities           950    1,009      988     1,020    1,095
              APPLICATION OF FUNDS
              Gross Block                 802      839      860      903       948
              Less: Acc. Depreciation     384      422      462      506       552
              Net Block                   419      417      398      397       396
              Capital Work-in-Progress     29       17       43       18        19
              Goodwill                       -       -        -         -        -
              Investments                 280      245      237      237       237
              Current Assets              415      536      538      602       713
              Cash                         37       21       49       10        42
              Loans & Advances             86      105       94      117       134
              Inventories                 221      281      281      324       373
              Debtors                      71      129      114      151       163
              Other                          -       -        -         -        -
              Current liabilities         193      207      229      234       269
              Net Current Assets          222      329      309      368       443
              Mis. Exp. not written off      -       -        -         -        -
              Total Assets                950    1,009      988     1,020    1,095




May 4, 2012                                                                      7
                                                   Finolex Cables | 4QFY2012 Result update



              Cash flow statement
              Y/E March (` cr)                      FY10     FY11   FY12E    FY13E   FY14E
              Profit before tax                       89     107      109     154     206
              Depreciation                            37      39       39      44      46
              (Inc.)/ Dec. in Working Capital        (81)   (106)      35     (76)    (30)
              Less: Other income                      24      26       36      25      25
              Direct taxes paid                       32      20       11      37      49
              Cash Flow from Operations              (10)     (7)     136      60     147
              (Inc.)/ Dec. in Fixed Assets           (29)    (25)     (47)    (18)    (46)
              (Inc.)/ Dec. in Investments             34      35        8        -       -
              (Inc.)/ Dec. in loans and advances       1     (19)      11     (23)    (18)
              Other income                            24      26       36      25      25
              Cash Flow from Investing                30      18        8     (16)    (39)
              Issue of Equity                           -       -        -       -       -
              Inc./(Dec.) in loans                   (21)    (15)    (106)    (70)    (63)
              Dividend Paid (Incl. Tax)               11      13       18      14      18
              Others                                  21       1        7       2       5
              Cash Flow from Financing               (11)    (27)    (117)    (82)    (76)
              Inc./(Dec.) in Cash                      9     (16)      28     (39)     32
              Opening Cash balances                   28      37       21      49      10
              Closing Cash balances                   37      21       49      10      42




May 4, 2012                                                                              8
                                                       Finolex Cables | 4QFY2012 Result update



              Key ratios
              Y/E March (` cr)                            FY10    FY11   FY12E   FY13E   FY14E
              Valuation Ratio (x)
              P/E (on FDEPS)                               9.4     6.3     5.5     4.7     3.5
              P/E (on basic, reported EPS)                 9.4     6.3     5.5     4.7     3.5
              P/CEPS                                       5.7     4.3     4.0     3.4     2.7
              P/BV                                         0.8     0.8     0.7     0.6     0.5
              Dividend yield (%)                           1.7     2.0     2.8     2.2     2.8
              Market cap. / Sales                          0.3     0.3     0.3     0.2     0.2
              EV/Sales                                     0.3     0.3     0.2     0.2     0.1
              EV/EBITDA                                    2.5     3.1     2.4     1.9     1.1
              EV / Total Assets                            0.5     0.5     0.4     0.4     0.3
              Per Share Data (`)
              EPS (Basic)                                  3.8     5.7     6.4     7.6    10.2
              EPS (fully diluted)                          3.8     5.7     6.4     7.6    10.2
              Cash EPS                                     6.2     8.2     9.0    10.5    13.3
              DPS                                          0.6     0.7     1.0     0.8     1.0
              Book Value                                  42.0    46.9    52.3    59.0    68.1
              DuPont Analysis (%)
              EBIT margin                                  9.9     6.5     6.5     6.9     7.5
              Tax retention ratio                         64.6    81.0    89.9    76.0    76.0
              Asset turnover (x)                           2.9     3.1     3.0     3.3     3.5
              ROCE (Post Tax)                             18.2    16.2    17.6    17.3    19.9
              Cost of Debt (Post Tax)                      4.2     5.3    10.9     8.4     8.4
              Leverage (x)                                 0.2     0.2     0.2     0.0    (0.0)
              Operating ROE                               21.4    18.9    18.6    17.7    19.6
              Returns (%)
              ROCE (Pre-tax)                              17.1    13.6    13.5    16.0    19.2
              ROCE (Post-tax)                             11.1    11.0    12.1    12.2    14.6
              Angel ROIC                                  18.2    16.2    19.6    17.3    19.9
              ROE                                          9.3    12.8    15.2    13.7    16.1
              Turnover ratios (x)
              Asset Turnover (Gross Block)                 2.1     2.5     2.4     2.6     2.9
              Asset Turnover (Net Block)                   3.9     4.9     5.1     5.9     6.8
              Asset Turnover (Total Assets)                1.7     2.1     2.1     2.3     2.5
              Operating Income / Invested Capital          2.9     3.1     3.0     3.3     3.5
              Inventory / Sales (days)                      41      45     49      47       47
              Receivables (days)                            15      18     21      21       21
              Payables (days)                               44      36     39      36       34
              Working capital cycle (ex-cash) (days)        41      56     51      54       59
              Solvency ratios (x)
              Gross debt to equity                         0.4     0.4     0.2     0.1     0.0
              Net debt to equity                           0.2     0.3     0.1     0.0    (0.1)
              Net debt to EBITDA                           0.8     1.1     0.3     0.1    (0.3)
              Interest Coverage (EBIT / Interest)          8.5     7.6     6.0    12.2    34.8




May 4, 2012                                                                                   9
                                                                                         Finolex Cables | 4QFY2012 Result update



  Research Team Tel: 022 - 39357800                   E-mail: research@angelbroking.com                    Website: www.angelbroking.com

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  nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
  Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
  compliance, or other reasons that prevent us from doing so.

  This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
  redistributed or passed on, directly or indirectly.

  Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
  other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
  the past.

  Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
  connection with the use of this information.

  Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
  latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
  investment positions in the stocks recommended in this report.




Disclosure of Interest Statement                                             Finolex Cables
1. Analyst ownership of the stock                                                   No
2. Angel and its Group companies ownership of the stock                             No
3. Angel and its Group companies' Directors ownership of the stock                  No
4. Broking relationship with company covered                                        No

 Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors


Ratings (Returns):              Buy (> 15%)                            Accumulate (5% to 15%)                     Neutral (-5 to 5%)
                                Reduce (-5% to 15%)                    Sell (< -15%)


May 4, 2012                                                                                                                                10

				
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