Nov 25, 2013, 06.11 PM IST
Angel Broking has maintained a neutral rating on Tata Global Beverages (TGBL), in its November 25, 2013 research report. "The company is expected to post a CAGR of 9.5 percent and 14.9 percent in its top-line and bottom-line, respectively," says the research report.
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Angel Broking neutral on Tata Global Beverages
Angel Broking has maintained a neutral rating on Tata Global Beverages (TGBL), in its November 25, 2013 research report. "The company is expected to post a CAGR of 9.5 percent and 14.9 percent in its top-line and bottom-line, respectively," says the research report.
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Angel Broking neutral on Tata Global Beverages
Angel Broking has maintained a neutral rating on Tata Global Beverages (TGBL), in its November 25, 2013 research report. "The company is expected to post a CAGR of 9.5 percent and 14.9 percent in its top-line and bottom-line, respectively," says the research report.
"For 2QFY2014 TGBL posted a muted 4 percent yoy growth in its topline to Rs 1,906cr aided largely by Indian operations. Overall, the top-line growth was impacted due to the restructuring of Canadian operations from distributor based to direct sales model. The tea business posted a top-line growth of 4 percent, while the coffee business remained flat yoy. The OPM fell by 90bp yoy to 6.9 percent, impacted primarily by higher advertisement expenses. The Adjusted PAT fell by 3.2 percent yoy to Rs 126cr."
However, the reported PAT rose by 51 percent yoy to Rs 180cr due to net exceptional gains of Rs 92cr. Exceptional items included Rs 192cr of profit on sale of property in Bangalore, investment related loss of Rs 21cr, cost related to business restructuring of Rs 41cr, Rs 11cr of inventory write off, Rs 11cr of post retirement benefit obligation, and product development and brand amortization costs amounting to Rs 16cr. Over FY2013-15, we expect the company to post a CAGR of 9.5 percent and 14.9 percent in its top-line and bottom-line, respectively. At the current market price, the stock is trading at 16.6x FY2015E earnings. We maintain our Neutral view on the stock," says Angel Broking research report.
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