global offshore services (Emkay) Results below estimates- Forex losses drag RPAT

Q4FY11 EBIDTA in line - APAT dragged by higher deprecation & interest; Revenue declined 11.1% yoy - see revenue growth of 17.4% in FY12; Cut FY12E earnings by 12.2% on sale of vessel - introduce FY13E EPS at rs 20
Date Rating Target Price Recommendation Price Broker house
3 May 2011 hold (from accumulate) 128 133 Emkay Report

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