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**[investwise]** Polyplex-Update, Outperformer

 

Polyplex-Riding A Strong Industrial Uptick   The polyester films segment cycle is on an uptrend and is witnessing strong demand. We believe that PCL is well placed to service such burgeoning demand on account of having one the largest PET film production capacities in the world, which is complemented by its excellent geographical reach through its plants in Thailand, Turkey and India.   We have revised upwards our top-line and bottom-line estimates for FY2011 and FY2012 to reflect the same. Accordingly, we expect PCL to register 22% and 30% CAGR in net sales to Rs1,822cr and net profit to Rs160cr respectively, over FY2012E. At current levels, the stock is trading at 0.6x P/BV FY2012E. Thus, on the back of 30% CAGR in earnings over FY2010-12E and inexpensive valuations the stock could remain an Outperformer.   A Re-Rating On The Cards   Polyplex Corporation (PCL) reported higher-than-estimated 1QFY2011 numbers. Net sales grew 41.7% yoy to Rs427cr (Rs301cr). The company reported (247)bp expansion in OPM to 20.8% (18.4%). Net profit surged 461% yoy to Rs39cr (Rs7cr) on strong demand.   Results above expectation: PCL reported a growth of 41.7% yoy to Rs427cr (Rs301cr)in top-line on the back of higher capacity utilisation, commencement of new BOPP and PET plants in India and higher selling price due to favourable market conditions and strong demand.   PCL reported OPM of 20.8% (18.4%) for the quarter, which expanded by 247bp yoy and also exceeded our estimate of 18.5%. Net profit jumped 461% yoy to Rs39cr (Rs7cr) largely on the back of higher top-line and OPM expansion.   Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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