Infra Developer --Pre-Result Buys in Sector: MSEZ :: 2QFY12 Preview: BofA Merrill Lynch

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Infra Developer
Pre-Result Buys in Sector: MSEZ
Pre-Result Underperform: ADE
􀂄 JPA: JPA likely to report 19%YoY fall in 2QFY12 rec PAT on weak E&C
execution, realty sale and higher fixed costs of cement expansion offset by
20%YoY growth in cement dispatch to 4.1mmt vs 3.4mmt. We expect E&C
revenue to fall by 15%YoY on farmers’ agitation on Yamuna Expressway,
higher base led by execution at Karcham HEP and slower realty build-out for
JP Infra. We expect 2%YoY growth in revenue, 2%YoY growth in EBITDA
while Rec. PAT would be fell by 19%YoY.
􀂄 Adani Enterprises to report a Rs6.8bn of Cons. Rec. PAT +58%YoY on
start of 1.98GW (vs 990MW) of Power plant at Mundra and a strong growth
of 60%YoY in coal trading volume.
􀂄 Mundra Port and SEZ to have 15%YoY growth in 2QFY12 Rec PAT on
higher depreciation, lower treasury income and higher tax on applicability of
MAT on SEZ. While sales to grow by 34%YoY on +24%YoY port traffic led
by coal and container. However, MSEZ may report a higher PAT if it
assumes MAT credit, which we have not yet factored-in.