Quarterly Result: Gayatri Projects Ltd.

Technical View: 

Gayatri Projects Ltd is currently trading at Rs. 635, up by 9.8 points or 1.57 per cent from its previous close of Rs 625.2 on the BSE.
The scrip opened at Rs 632.1 and has touched a high and low of Rs. 644 and Rs. 619.10, respectively. A total of 73376 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 100 DMA.

Standalone Results Q2FY17:

Gayatri Projects Ltd.’s standalone Q2FY17 results came in mixed as against estimates.The company's revenue came in 17.2 per cent lower than the estimate of Rs 422 crore. Its EBITDA was 7.6 per cent lower than the estimate of Rs 59 crore. However, its reported net profit for the period stood 18.5 per cent YoY higher than the estimate of Rs 10 crore.

The company's revenue for the quarter increased 10.3 per cent YoY to Rs 350 crore.

Its EBITDA for the quarter increased 8.8 per cent YoY to Rs 54.62 crore, while EBITDA margins decreased 22 bps to 15.6 per cent. This was driven by 79 per cent and 66 per cent YoY hike in the cost of employees' benefits and other expenses, respectively.

The company's net profit for the quarter jumped 53.6 per cent YoY to Rs 11.61 crore, which was primarily due to impact of higher tax credit consequent to the relief given in appellate proceeding pertaining to earlier year.