10 August 2011

IL&FS Transportation Network --Construction lagging but robust expectation ahead ::Emkay

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IL&FS Transportation Network
Construction lagging but robust expectation ahead


ACCUMULATE

CMP: Rs199                                        Target Price: Rs243

n     ITNL reported std. Q1FY12 APAT at Rs0.62bn v/s Rs0.67bn, EBITDA at Rs 1.33bn v/s Rs 1.4bn marginally lower than exp. Revenues growing 2.2x yoy to Rs 5.2bn vs exp. of Rs 7.6bn 
n     Due to lower than expected execution at NAMEL, Chand- Warora, Jorbat Shillong. Margins came in better than expected due to higher fee booking at Rs1.4bn v/s Rs1.1bn
n     Consolidated revenue grew 41% yoy to Rs 10.9 bn led by 3x increase in construction revenues (Rs 7.5 bn) & avg. daily toll collection up 17% yoy at Rs 14.8mn, Order backlog at Rs92.8bn
n     NHAI awarding has picked up over the last month and we expect ITNL which is pre qualified till project size of Rs51.3bn will benefit, Maintain Accumulate with TP of Rs 243

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