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IL&FS Transportation Networks Ltd (ITNL) is India’s largest player in the build-operate-transfer (BOT) road
segment with 10,269 lane kms in various stages of development, construction or operation. It has a pan-India
presence and a diverse project portfolio consisting of 23 road projects, bus transportation and a metro rail
project.
It is well equipped to capitalise on the huge and growing opportunity in the road infrastructure sector due to
its established track record in operating BOT road projects, its execution capabilities and the strong support
from IL&FS.
It has a fair mix of annuity and toll projects in its portfolio which provides revenue comfort. Further, it is
present across the value chain except the civil construction services which it outsources to the local
contractors. This helps the company to handle a large number of projects at a time and diversify geographically,
reducing the risk of concentration.
Thus, we expect the sales and the earnings to grow at a CAGR of 26% and 9% respectively over FY2011-13.
At the current market price, the stock is currently trading at 8.7x its FY2012E earnings and at a price to book
value (P/BV) of 1.2x. We maintain our Buy recommendation with a price target of Rs330.
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