Tulip Telecom Q1FY13: Higher revenues and margins, maintain buy
During the quarter, Tulip Telecom came out with results much higher than expectations. The revenues came in at Rs7165 mn up 8.3% q-o-q and 9.6% y-o-y and were above expectations. The EBITDA was also above expectations coming in at Rs1920 mn. The EBITDA margin was much higher than expectations at 26.80% (v/s 25.5%). The PAT also came in above expectations (extraordinary income of Rs616 mn during the quarter) at Rs1164 mn as against an expectation of Rs476 mn
Outlook and Valuation: Jaypee has a positive outlook on the company and believes that with a leadership position in the VPN segment, it is well placed to benefit from the growing Enterprise data market. The numbers have been better for the quarter but it is expected to remain subdued for the next couple quarters given the tough environment. The datacenter project is also a robust asset from the long term point of view. Maintain buy rating on the stock with a target price Rs 130 for the stock.
Outlook and Valuation: Jaypee has a positive outlook on the company and believes that with a leadership position in the VPN segment, it is well placed to benefit from the growing Enterprise data market. The numbers have been better for the quarter but it is expected to remain subdued for the next couple quarters given the tough environment. The datacenter project is also a robust asset from the long term point of view. Maintain buy rating on the stock with a target price Rs 130 for the stock.
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