IL&FS Transportation Networks Ltd. (ITNL)|Q2FY15 First Cut Analysis | Reported numbers well above expectations; however, adjusted it with one-off income led to top-line as well as EBITDA miss due to poor execution across construction segment :: India Nivesh

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Reported numbers well above expectations; however, adjusted
it with one-off income led to top-line as well as EBITDA miss
due to poor execution across construction segment

The reported consolidated revenues of ITNL were up 12% y-o-y to Rs 15.0 bn.
However, there was one off income of Rs 2.6 bn on account of additional
compensation claimed by ITNL from two SPVs. It was for the incremental work and
related claims arising from delays due to handling over the land Concession Granting
Authority (CGA) for project execution. If we adjust this one-off transaction then the
consolidated revenues were down 7% y-o-y to Rs 12.4 bn (estimate: Rs 14.8 bn).

The reported consolidated revenues of ITNL were up 12% y-o-y to Rs 15.0 bn.
However, there was one off income of Rs 2.6 bn on account of additional
compensation claimed by ITNL from two SPVs. It was for the incremental work and
related claims arising from delays due to handling over the land Concession Granting
Authority (CGA) for project execution. If we adjust this one-off transaction then the
consolidated revenues were down 7% y-o-y to Rs 12.4 bn (estimate: Rs 14.8 bn).

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