Brokerage house ICICIdirect.com has recommended a hold rating on Sesa Sterlite (SSL) with a target price of Rs 190 per share in its May 02, 2014 research report.
"In Q4FY14, Sesa Sterlite (SSL) reported a net operating income of Rs 20894.4 crore. The topline came in healthy on account of the robust performance by the company's copper & aluminium businesses. The EBITDA in Q4FY14 came in at Rs 6764.2 crore (EBITDA margins 32.4 percent). EBITDA margins were subdued on account of an increase in operating expense across business segments. PAT for the quarter came in at Rs 1621.6 crore and was supported by higher other income amounting to Rs 763.7 crore."
"We have a cautious view on SSL on the back of a huge debt pile (gross debt as on March 31, 2014 at Rs 80,566 crore with net debt at Rs 29,769 crore) and a skewed EBITDA profile. We believe regulatory hurdles and headwinds are here to stay for Sesa Sterlite. However, on the back of the improved performance of its copper division, likely easing of evacuation issues associated with its power business and commissioning of new capacities we assign a HOLD rating to the sock. We have valued the company using SOTP valuation and arrived at a target price of Rs 190", says ICICIdirect.com research report.
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