Visit http://indiaer.blogspot.com/ for complete details Ahluwalia Contracts (Rating – Buy, Target Price – Rs276)
We expect ACIL to deliver revenue of Rs4.6bn (growth of 34% YoY and 18% QoQ) contributing to
23% of our FY11 expectation.
We expect EBITDA margins of ACIL to be 11.1% lower than 13.3% in Q2Fy10 and net profit to be
Rs248mn (margin of 5.3%, YoY growth of 4%) contributing 21% to the year’s profitability.
Key things to look out for:
o Commonwealth games projects – receivables from Emaar MGF, any dispute between client and
the company, etc
o Update on service tax liability amount of Rs1bn as of FY10 (Rs0.5bn as on FY09)
Company news during the period
Bagged orders worth Rs476cr during the quarter.
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