Agarwal Industrial Corporation - Dark Horse - Buy

Agarwal Industrial Corporation Previously named as Bombay Baroda Transport, The company is the largest transporation of Bulk Bitumen, Bulk LPG and Wind generation Power equipements.

The company diversified its business and started a new bitumen manufacturing unit at Belgaum, Karnataka.

Bitumen is the main product for road construction, In the past 1 month nearly 300 stalled road projects has been approved by the newly formed NDA government. We expect more road transporation project will be approve by the new government this will help this company revenue to improve a new historic level.

Mar13 Mar12 Mar11 Mar10 Mar09 Income :  Operating Income  116.73 78.52 55.77 38.32 14.31 Expenses  Material Consumed  81.63 48.54 32.29 18.36 0.09 Manufacturing Expenses  1.04 0.11 0.12 0.06 0.03 Personnel Expenses  1.52 1.27 0.90 0.61 0.43 Selling Expenses  0.00 0.00 0.00 4.58 2.47 Adminstrative Expenses  21.78 21.97 16.99 9.46 6.76 Expenses Capitalised  0.00 0.00 0.00 0.00 0.00 Cost Of Sales  105.97 71.89 50.29 33.08 9.79 Operating Profit  10.76 6.63 5.48 5.24 4.52 Other Recurring Income  0.47 0.94 0.92 0.55 0.05 Adjusted PBDIT  11.24 7.57 6.40 5.79 4.57 Financial Expenses  2.25 1.28 0.98 0.82 0.93 Depreciation  3.90 3.32 3.08 2.43 1.96 Other Write offs  0.00 0.00 0.00 0.00 0.00 Adjusted PBT  5.09 2.97 2.35 2.53 1.68 Tax Charges  1.73 0.56 0.67 0.90 0.43 Adjusted PAT  3.36 2.41 1.68 1.63 1.26 Non Recurring Items  0.00 0.00 0.00 -0.05 0.00 Other Non Cash adjustments  0.00 0.00 0.00 0.00 0.00 Reported Net Profit  3.36 2.41 1.68 1.58 1.26 Earnigs Before Appropriation  11.42 8.06 6.13 4.44 2.86 Equity Dividend  0.52 0.00 0.41 0.00 0.00 Preference Dividend  0.00 0.00 0.00 0.00 0.00 Dividend Tax  0.09 0.00 0.07 0.00 0.00 Retained Earnings  10.81 8.06 5.65 4.44 2.86

Source: Dion Global Solution Ltd

This company listed both NSE and BSE CMP 109 tgt 200 on a short term view.