Financial

Suprajit in the Media

Edelweiss Capital: Suprajit Engineering - In line performance

Suprajit Engineering’s (SEL) Q2FY18 consolidated EBITDA at INR560mn, up 20% YoY, came largely in line with our estimate. In the cables business, while the aftermarket business continued to be impacted by
GST, margin of the exports business improved as new orders were more profitable.

For detailed analysis please see attached company report...

Axis Capital: Suprajit Engineering - Earnings recovery ahead

Q2FY18 consolidated EBITDA was in line with our estimate. Aftermarket revenue (~20% of sales) remained subdued in the wake of GST implementation and the management expects recovery in H2. The next leg of growth is likely to be driven by (1) share gain in global non-auto cables; (2) increase in content supplied (CBS opportunity) to domestic OEMs; (3) recovery in aftermarket (both lamps and cables).

For detailed analysis please see attached company report...

Ambit Capital: Suprajit Engineering - Parts falling in place

Phoenix was the only blemish in an otherwise healthy result. Its performance was caused by declining sales of old H7 bulbs (25-30% of lamp volumes). A new automated H7 line has been commissioned and management expects Phoenix to outpace market growth once deliveries of the new H7 bulb begin in 2QFY17.

For detailed analysis please see attached company report...

HDFC Securities: Suprajit Engineering - Strong at the core

Suprajit Engineering’s (SEL) consolidated 4QFY17 results were a strong beat, with robust performance of SEL’s cable business. PLL’s performance was weak owing to absence of sale of H7 bulbs.

For detailed analysis please see attached company report...

Quant Analysis: Suprajit Engineering - Strong quarter; Outlook remains positive

# Results are not comparable due to Wescon Controls (WC) acquisition on 9Sep17.

# Cons Revenues/EBITDA/Adj PAT grew by 33%/38%/123% y-y to Rs3.6bn/Rs653mn/Rs400mn (quant: Rs3.3bn/Rs539mn/Rs229mn), above estimates due to strong revenue/margin performance in Cables division and newly acquired WC.

For detailed analysis please see attached company report...

Edelweiss Capital: Suprajit Engineering - In line show; outlook robust

Suprajit Engineering’s Q3FY17 consolidated EBITDA (including Phoenix Lamps - PHLL), at INR421mn, came in line with our estimate. Key highlights: 1) SEL to continue to outperform industry growth by 5-10% at consolidated level; Indian market growth to be in line with industry; 2) it became tier I supplier to Maruti Suzuki with a small order for speedo cable.

For detailed analysis please see attached company report...