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Sadbhav Engineering – 2QFY2011 Result Update
Angel Broking maintains an Accumulate on Sadbhav Engineering with Target Price of Rs1,623.
Sadbhav Engineering (SEL) reported 2QFY2011 numbers, which were above our
estimates and surprised on the earnings front mainly on account of higher EBITDA
margins. The company has given guidance of >35% growth over the next 12
months. We believe that SEL has performed particularly well over the last few
quarters in the roads and mining segment, which reflects in order book has
increased to `7,800cr i.e. 4.8x FY2011E revenues, one of the highest in industry.
We maintain an Accumulate on the stock.