Visit http://indiaer.blogspot.com/ for complete details Hindustan Const. (Rating – Buy, Target Price – Rs88)
We expect HCC to deliver revenue of Rs9.8bn (growth of 25% YoY and flat QoQ) contributing to
22% of our FY11 expectation. Our expectation is higher than the street by 3%.
We expect EBITDA margins of HCC to be 12.4%, higher than 11.4% in Q2FY10 and net profit to be
Rs270mn (YoY growth of 24%, contributing 18% of the year’s profitability).
Key things to look out for during the quarter:
o Revenue guidance for the year
o Badarpur flyover details such as toll collection, etc
o Lavasa issues raised by Maharashtra government (payments to clear irregularities)
o Which airports are being evaluated currently to enter this segment
o Update on Raigad R&D centre, which is being evaluated by HCC to develop (investment
requirement, delivery, etc.)
o International acquisition plans – HCC trying to acquire companies to further its presence in
segments like designing, fabrication, transmission towers, oil & gas, etc
Company news during the period
Lavasa’s DRHP filed with the regulator to raise Rs20bn during December 2010
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