Visit http://indiaer.blogspot.com/ for complete details IVRCL Infra (Rating – Buy, Target Price – Rs230)
We expect IVRCL Infra to deliver revenue of Rs15.9bn (growth of 31% YoY and 44% QoQ),
contributing 23% of our FY11 expectation. Our revenue expectation is higher than that of the street
by 7%.
We expect EBITDA margins of IVRCL to be 9.6% higher than 9.4% in Q2FY10 and net profit to be
Rs607mn (net margin of 3.8%, YoY growth of 24%), contributing 22% of the year’s profit.
Key things to watch out for:
o Status on Hindustan Dorr Oliver stake sale as reported in newspapers
o IVRCL Asset & Holdings QIP update
o Updates on various BOT projects (financial closure, projects in pipeline, etc)
o Working capital changes
o Trend of margins, going forward
o Any major project execution challenges (consistent in the past two to three quarters)
Company news during the period
Bagged one of the most dense road projects of Sion-Panvel in Maharashtra from MSRDC, worth
Rs15bn
Bagged Karanji - Wani - Ghuggus - Chandrapur Road Project, worth Rs7.5bn
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