Dark Horse: Khadim India; Accumulate

Rudra Shares And Stock Brokers | Dec. 27, 2018, 11:54 a.m.

Valuation

For the second Quarter FY19, net revenues increased by 30.7% from Rs. 173.2cr to Rs. 226.4cr Y-O-Y basis. EBIDTA stood at Rs. 18.7 cr, lower compared to previous year due to higher employee cost & other expenses. Likewise, finance cost reduced compared to previous year, although higher sequentially as short term borrowing surge being festive season. PAT during quarter stands at Rs. 8.59 crores with EPS of Rs. 4.78 in Q2 FY 19. Gross profit increased by 18.5% from Rs. 72.6 crores to Rs. 8.60 crores with margin at 38% during quarter. Retail business which contribute around 62% in the overall revenue to grow at 13-14%. Distribution business though having 22% share in revenues currently is ought to grow at 26-27%,above the industry estimates of 22-23%.



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