Visit http://indiaer.blogspot.com/ for complete details CCCL (Rating – Buy, Target Price – Rs101)
We expect NCC to deliver revenue of Rs6bn (growth of 34% YoY and 19% QoQ), contributing to 23%
of our FY11 expectation.
We expect EBITDA margins of CCCL to be 8.3% lower than 8.9% in Q2FY10 and net profit to be
Rs250mn (margin of 4.1%, YoY growth of 19%), contributing to 23% of FY11 profitability.
Key things to look out for:
o Major projects in bidding pipeline
o Working capital status of the company
o Status of Food SEZ at Tuticorin port
o Competitive intensity in bidding projects. In the case of the airport segment: how many players
bid at the same time.
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