Mundra Port & Special Economic Zone Ltd Q2FY11 Result Update

Mundra Port and Special Economic Zone Ltd (MPSEZ) Q2FY11 Result Update

• MPSEZ reported a 26.3% YoY increase in revenues to INR 4.1bn for Q2FY11.
• The company registered a decline of 550bps YoY in EBITDA margin to 66.2% in Q2FY11.
• The company registered a decline of 180bps YoY in net margin to 50.0% in

Outlook & Valuation

The stock is currently trading at a PE multiple of 35x and 28x for FY11 and FY12 respectively as per our earnings estimate. We downgrade our rating from Accumulate to Hold on this stock with a revised target price of INR 175.

Thanks & Regards,

Unicon Wealth Research