Buy Noida Toll Bridge: PPFAS

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Buy Noida Toll Bridge: PPFAS

Parag Parikh Financial Advisory Services (PPFAS) is bullish on Noida Toll Bridge Company and has recommended buy rating on the stock in its October 24, 2011 research report.

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Parag Parikh Financial Advisory Services (PPFAS) is bullish on Noida Toll Bridge Company and has recommended buy rating on the stock in its October 24, 2011 research report.

"Noida Toll Bridge Company Limited (NTBCL) reported an average set of numbers for the quarter ended September, 2011. On a standalone y-o-y basis, the Company reported Sales at Rs 221.4 Mn, a 4.6% increase. Average daily traffic improved from 102,610 to 108,516 vehicles, a rise of about 6%. This is a welcome event since it has been quite a few quarters that traffic numbers went up. The Company continues to be in discussions with the NOIDA authorities and is hopeful to take a toll increase between 10% and 25% very soon. The likelihood of another dividend in this financial year is high provided the toll increase goes through smoothly."

"Total Expenditure went up by 20% to Rs 66.6 Mn, partly on account of increased Overlay expenses. PAT was up by 16% at Rs 82.2 Mn. Debt levels continue to come down. Total Debt has now been reduced to Rs 1,261 Mn (Sep 30, 2011) as against Rs 1,455 Mn (Sep 30, 2010). At the CMP of Rs 23.15, NTBCL trades at a PE(TTM) of 10.8. The construction work going on close to one end of the bridge for the last few months has now been completed and this could partly be the reason for increase in traffic numbers. Some uncertainty that has arisen around the Company is w.r.t. the concession agreement with NOIDA authorities."

"While nothing concrete has happened on this front, there could be some modifications. This could affect the lucrative nature of the price-value equation to some extent. On a broad level, the story continues to be good. We continue to recommend a 'BUY'," says Parag Parikh Financial Advisory Services research report.

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