Bonanza neutral on Core Projects & Technologies

Bonanza has maintained neutral rating on Core Projects & Technologies, in its August 19, 2010 research report.
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Aug 23, 2010, 06.56 PM | Source: Moneycontrol.com

Bonanza neutral on Core Projects & Technologies

Bonanza has maintained neutral rating on Core Projects & Technologies, in its August 19, 2010 research report.

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Bonanza neutral on Core Projects & Technologies

Bonanza has maintained neutral rating on Core Projects & Technologies, in its August 19, 2010 research report.

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Hiren Dhakan (more)

Associate Fund Manager, Bonanza | Capital Expertise: Mutual Funds

Bonanza has maintained neutral rating on Core Projects & Technologies , in its August 19, 2010 research report.

“Core Projects & Technologies (CPTL) reported 17.5% growth in net sales to Rs 220 crore in Q1FY11 compared to Rs 187 crore in the corresponding quarter a year ago. This was primarily on account of high growth in EOU Development segment. This segment posted a growth of over 230% to Rs 115 crore in its gross revenue over the review period. Sales contribution from this segment increased from 16% in Q1FY10 to 48% in the first quarter. Earnings Before Interest & Depreciation (EBITDA) increased over 50% to Rs 80 crore in first quarter as against Rs 52 crore in first quarter a year ago. EBITDA margin improved to 36.3% in Q1FY11 compared to 28% in Q1FY10 – an increase of over 8 percentage points.”

“Core Projects & Technologies is one of the largest education companies from India. The company has expanded through inorganic route to become an integrated player with products & solutions offering across the value chain from K-12 education to higher education to vocational education. With good order book position, plans for acquisition and new school management business in India; company is positively looking out for business growth. At CMP of Rs 260, CPTL trades at a P/E of 14.7x on FY11E EPS of Rs 17.7. We initiate the coverage on Core Projects with a neutral view,” says Bonanza.
   
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management.Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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