IRB Infrastructure Stellar show continues – E&C surprise positively BUY ::Emkay

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IRB Infrastructure

Stellar show continues – E&C surprise positively

BUY

CMP: Rs168                                        Target Price: Rs240

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n     Q3FY12 EBITDA at Rs3.4 bn (+16.4% yoy) v/s est Rs 2.97bn led higher E&C rev & mrgn. APAT at Rs 1.24bn (-6.5% yoy ) significantly higher led by lower amortization of Surat Dahisar 

n     Revenues at Rs7.45 bn (+11.5% yoy) - aided by +13% yoy growth in E&C Revenues (Rs5.3 bn vs est of Rs4.0bn) and 18.4%yoy growth in BOT segment to Rs 2.5bn in line

n     Ramp up in execution at Amravati Talegaon & Jaipur Deoli and operating margins surprised positively. Raising rev. projection increasing execution at this project.

n     Construction margins ex-Surat Dahisar remains robust at ~24%. Margin stands revised led by delivered performance in Q3FY12. Maintain BUY with a target price of Rs 240