Business : Today I bring to limelight another dark horse in Iron & Steel industry - SATHAVAHANA ISPAT LIMITED - a growing player in production of Pig Iron & metallurgical Coke. Established in 1989, Hyderabad based SIL is engaged in the manufacture and sale of pig iron in core sector of the iron and steel industry. SIL has also started production of metallurgical coke - a key input material for Iron making. Off late, SIL is on a mass expansion spree – raising funds via issue of convertible warrants - to finance scaling its coke and pig iron producing capacities & increasing its market presence with a dual play! It recently started operation in its newly build 30MW co-generation of power in the Bellary district of Karnataka completing all background formalities along with signing Power Purchase Agreement (PPA) too. This co-generation facility would now take up expansion of the coke facility by 1.5 Lakhs TPA (Total of 4.5 L TPA now) and co-generation power to 10 MW with surplus metallurgical coke production to be sold in nearby market. Therefore, with the augmentation of enhanced pig iron and coke capacity together with upcoming cogeneration of power at the Greenfield site, SIL takes fullest possible advantage of the current uptrend in the Indian Iron and Steel industry.
Financials : The company has posted a trailing EPS of 7.73 (80% jump over FY09) for FY2009-10 with a topline of 384.7 crores and Profit of 25.44 crores (67% up from FY09). The company continues to grow as per its expansion plans declaring strong June10 Q results – an EPS of 3.48 (double of last FYQ1 earnings) with sales zooming to 105.6 cores. Going forward, considering strong core market penetration, this company is heading for an annualized EPS of 14 or so this FY. At current price of 50 Rs – SIL is dirt cheap and available at a PE of less than 4. The stock is a MUST BUY!!
Positives – The company has a consistent SHP which increased from 25% to 36% around in last 8 years – promoters are quite confident.
- Trouble time for Chinese Iron & Steel Industry - Chinese government decision for removal of tax rebates on steel products and ongoing appreciation of Chinese Yuan currency will put Chinese Steel companies to pass on the additional costs to the exporting countries, making Indian exports much more competitive!!
- India being the fifth largest steel producer is currently witnessing a boom in Iron & Steel industry with 2008 recession story left far behind.
Negatives – There are some competitors in the organized sector.
Conclusion : At a price of around 50 Rs, SATHAVAHANA ISPAT LIMITED is seriously lying abegging for buy. Start accumulating the scrip within 49-53 range and I can foresee a target of around 80+ in next 6 months visualizing a future annualized EPS of 14 this FY. In the long term the scrip can turn out to be a multibagger.
Really ...ur all suggested shares are as good as u :) ..keep it up genius ....njoy ......all the best :)
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