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• Ahluwalia Contracts has 44 years of experience in the construction industry and is one of the largest civil contractors
in India.
• It has a diverse range of execution capabilities, with experience in construction of malls, hospitals, educational
institutes, commercial complexes, super luxury hotels, corporate office complexes, multi-storey residential complexes.
• The company clocked revenues of Rs15bn in FY10, with EBIDTA of Rs1.7bn and PAT of Rs817m.
• It had guided for revenues of Rs20bn in FY11 (33% yoy growth), but has lowered it to Rs18bn (20% yoy growth). The
management expects revenues to grow 20-25% in FY12.
• Order inflow to date in FY11 has been Rs16bn. The company currently has a bidding pipeline of Rs15bn and expects
strong order flow over the next two months.
• The current gross order backlog stands at Rs55bn and the unexecuted order backlog stands at Rs34bn.
• Nearly 80% of the order backlog has pass-through for materials like steel and cement (20% of the order backlog
comprises orders with free issue of materials).
• Construction of the Kota bus terminal is under way (second floor completed). The company expects equity IRR of 24%
from the project.
• Borrowing rates have increased by ~200bp over the past six months. The current average borrowing rate is ~11.5%.
Total debt on the books is Rs1.3bn, with a cash balance of Rs1.6bn (including cash locked in).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
• Ahluwalia Contracts has 44 years of experience in the construction industry and is one of the largest civil contractors
in India.
• It has a diverse range of execution capabilities, with experience in construction of malls, hospitals, educational
institutes, commercial complexes, super luxury hotels, corporate office complexes, multi-storey residential complexes.
• The company clocked revenues of Rs15bn in FY10, with EBIDTA of Rs1.7bn and PAT of Rs817m.
• It had guided for revenues of Rs20bn in FY11 (33% yoy growth), but has lowered it to Rs18bn (20% yoy growth). The
management expects revenues to grow 20-25% in FY12.
• Order inflow to date in FY11 has been Rs16bn. The company currently has a bidding pipeline of Rs15bn and expects
strong order flow over the next two months.
• The current gross order backlog stands at Rs55bn and the unexecuted order backlog stands at Rs34bn.
• Nearly 80% of the order backlog has pass-through for materials like steel and cement (20% of the order backlog
comprises orders with free issue of materials).
• Construction of the Kota bus terminal is under way (second floor completed). The company expects equity IRR of 24%
from the project.
• Borrowing rates have increased by ~200bp over the past six months. The current average borrowing rate is ~11.5%.
Total debt on the books is Rs1.3bn, with a cash balance of Rs1.6bn (including cash locked in).
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