Very good Q4 EPS 9.13 despite the exceptional item of -113.3cr. But that exceptional item was slightly nullified by one-time impact of US and Belgium tax reforms (83cr). So, that was like, exceptional net loss of 30cr. If we added that 30cr to the bottomline, Q4 EPS would be 10. That’s pretty good EPS growth QOQ (against 7.3rs in Q3).
Management has guided that from this quarter, company will save around 40cr in the interest they pay. That’s additional EPS 1.2rs per quarter. Also, company will save a lot in tax because of the tax cuts in the US and Belgium. That will add additional 0.5 to 1rs EPS per quarter. Just by these two factors, company will generate additional EPS 2rs from this quarter onwards.
So my guess is that from this quarter, EPS should be at least 11. And in four quarters, TTM EPS should be 40 to 45. And with debt reduction and additional CPC capacity coming online in India from 2019, rerating should be on the cards. Future growth prospects intact.