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Dilip Davda recommend to "Avoid" the IPO.
Review By | Apply | May Apply | Neutral | Avoid | Not Rated |
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Count | 0 | 0 | 0 | 1 | 0 |
% | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 |
Reviewer | Recommendation | Past Reviews |
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Dilip Davda | Avoid |
[Dilip Davda]
On performance front, for last two fiscals the company reported Total turnover/ net profit of Rs 60.25 crore/3.16 crore (2010-11) and Rs. 30.24 crore/Rs. 2.00 crore (2009-10) respectively. For the nine months ended 31.12.2011 it has earned net profit of Rs. 5.63 crore on a turnover of Rs. 97.55 crore. In December 2010 it issued bonus shares in the ratio of 4 shares for every 1 share held. Last three fiscal's average EPS stands at Rs. 8.49 and for nine month period at Rs. 7.03 and NAV of Rs. 23.09 per share. These EPS gets diluted on enhanced equity post this issue and thus issue looks fully priced. BRLM's track record is poor. Lower IPO grading also makes it a risky bet, hence avoid.
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