Hold Patel Engineering: P-Sec

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Hold Patel Engineering: P-Sec

Broking house, P-Sec has recommended hold rating on Patel Engineering. At Rs 450 the stock is trading at 23.1x FY08P.

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Broking house, P-Sec has recommended hold rating on Patel Engineering . At Rs 450 the stock is trading at 23.1x FY08P.

P-Sec report on on Patel Engineering:

PEL has received an order worth USD 153 million from Agence Nationale Des Barrage Et Transferts (its first in Algeria). We expect PEL to report top line CAGR of 26.6% for the next three years on the back of strong outlays in the Hydro power space, and bottomline CAGR of 26.7%. The order book stands at Rs.50 billion which is 3.1x FY07 sales. The company has floated a wholly owned subsidiary called Patel Realty India Ltd under which all its real estate activities will take place. The total land of the company is around 500 acres located at Maharashtra, Banglore, Hyderabad and Chennai (primarily in urban area). The total saleable area stands at around 6 cr sq ft. At Rs 450 the stock is trading at 23.1x FY08P we recommend hold.