ILFS Transportation Networks: Diwali Muharat Pick by ShareKhan

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ITNL is India’s largest player in the BOT road segment with a pan-India presence and a diverse project
portfolio. The fair mix of annuity, toll projects, and state and NHAI projects along with the geographical
diversification across 12 states reduces the risk to a large extent and provides comfort. Further, a strong
pedigree along with the outsourcing of civil construction activity helps ITNL to scale up its portfolio
faster. Thus, it is well equipped to capitalise on the huge and growing opportunity in the road infrastructure
sector.


ITNL has 11 projects in the construction/ development stage of these six have commenced construction
while the balance five projects are expected to achieve financial closure in the next few months.

ITNL is well equipped to capitalise on the huge and growing opportunity in the road infrastructure
sector due to its established track record in operating BOT road projects, its execution capabilities and
the strong support from IL&FS.

Valuation: At the CMP Rs.320 the stock trades at a P/E of 10.4x its FY2012E earnings per share of Rs29.65