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Construction
n Infrastructure companies under EMKAY coverage are expected to post a growth of 37.8% sequentially in revenues & 21.3% yoy (ex ITNL)
led by improved execution. Post the extended monsoons season execution is expected to bounce back in Q4FY11E driving healthy
topline growth. Construction revenues are expected to grow 40.7% qoq and 8.7% yoy (ex ITNL).
n The topline growth is also boosted by cement revenues growth of 42.6% for JPA with its cement volumes growing 28% yoy (4.62 mt) &
11% yoy improvement in cement realization
n We expect sequential growth of 12.8% in EBITDA with aggregate margins of 21.2% which is likely to decline 470 bps sequentially as
major traction is visible from the low margins construction segment. Ex ITNL’s performance, EBITDA is expected to grow at 16.7% yoy.
Core construction EBIT is expected to grow by 15.5% qoq and 2.8% yoy (ex ITNL).
n Net profit is expected to witness a growth of 20.3% qoq. Performance(Ex ITNL) is expected to report 11.2% yoy growth in PAT.
n NHAI awarding is set to gain traction in Q1FY12E which is expect to further bolster the order backlog for the existing construction
companies and will provide further opportunities as a developer.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Construction
n Infrastructure companies under EMKAY coverage are expected to post a growth of 37.8% sequentially in revenues & 21.3% yoy (ex ITNL)
led by improved execution. Post the extended monsoons season execution is expected to bounce back in Q4FY11E driving healthy
topline growth. Construction revenues are expected to grow 40.7% qoq and 8.7% yoy (ex ITNL).
n The topline growth is also boosted by cement revenues growth of 42.6% for JPA with its cement volumes growing 28% yoy (4.62 mt) &
11% yoy improvement in cement realization
n We expect sequential growth of 12.8% in EBITDA with aggregate margins of 21.2% which is likely to decline 470 bps sequentially as
major traction is visible from the low margins construction segment. Ex ITNL’s performance, EBITDA is expected to grow at 16.7% yoy.
Core construction EBIT is expected to grow by 15.5% qoq and 2.8% yoy (ex ITNL).
n Net profit is expected to witness a growth of 20.3% qoq. Performance(Ex ITNL) is expected to report 11.2% yoy growth in PAT.
n NHAI awarding is set to gain traction in Q1FY12E which is expect to further bolster the order backlog for the existing construction
companies and will provide further opportunities as a developer.
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