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Visa Steel Stock Price & News–Research & Analysis

ICICIdirect has undertaken a research analysis for Visa steel and is bearish on stock and has projected a price of Rs 54 on the stock. The opinion of ICICIdirect is as following:

Visa Steel (VSL) reported a dismal set of numbers for Q3FY12, primarily on the back of higher operating costs and constraints in supply of raw materials in Odisha. The topline came at Rs 384.2 crore, which was higher by 10.8 per cent YoY. On the back of higher operating costs, the EBITDA margin sharply declined 1270 basis points YoY to 0.8 per cent. As a result, the ensuing EBITDA during the period under review stood at Rs 3.2 crore, sharply lower both YoY as well as QoQ. The interest cost also increased sharply by 59.7 per cent YoY to Rs 30.7 crore. On the back of a steep decline in the rupee against the US dollar, there was net unrealised MTM loss to the tune of Rs 33.3 crore due to restatement of foreign currency monetary items. As a result, the ensuing resulting net loss during the period under review stood at Rs 38.9 crore.

ICICI directs suggests a hold on the stock.

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