IL&FS Transportation New project wins becoming critical – Reducing Target ::Emkay

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IL&FS Transportation

New project wins becoming critical – Reducing Target

ACCUMULATE

CMP: Rs 205                                       Target Price: Rs 234

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n     Q2FY12 APAT down 22.5%yoy at Rs0.61bn v/s exp. Rs0.41bn, EBITDA at Rs 1.30bn v/s Rs 1.0bn led by higher than expected fee booking – Sustenance of outlook depends on fresh orders

n     Revenue at Rs 6.48bn, up 74% yoy led by construction revenues doubling yoy to Rs 5.1bn v/s exp. of Rs 5bn, Construction margins at 10.4% v/s exp of 12.8%

n     Conso. Rev. up 42%yoy to Rs 12.5 bn led by 69% yoy growth in construction Rev (Rs8.9bn) & avg. daily toll collection +27.8% yoy at Rs 8.75mn/day, Elsamax Rev down 32% to Rs 1.8bn

n     Reduced order inflow for FY12E to Rs25bn v/s Rs50bn leading to 11%/19% downgrade for FY12E/13E earnings. Rolled over valuation to FY13E- Maintain Accumulate - Reduce TP Rs234