Oct 26, 2010

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





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