IVRCL Infra an outperformer: Prabhudas Lilladher

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IVRCL Infra an outperformer: Prabhudas Lilladher

Prabhudas Lilladher has maintained its outperformer rating on IVRCL Infrastructure and Projects with a revised price target of Rs 548. IVRCL Infrastructure & Projects (IVRCL) reported 33% YoY growth in topline to Rs 13.21 billion, higher than research firm's expectation.

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Prabhudas Lilladher has maintained its outperformer rating on IVRCL Infrastructure and Projects with a revised price target of Rs 548 in its May 30, 2008 research report. "IVRCL Infrastructure & Projects (IVRCL) reported 33% YoY growth in topline to Rs 13.21 billion, higher than our expectation. EBIDTA margin was at 10.5% as against 11.4% in the previous quarter. PAT for the quarter was flat at Rs 733 million. For the full year, revenue grew 59% to Rs 36.6 billion and PAT grew 49% to Rs 2.1 billion."

"Given its strong order book position and stronger than expected revenue growth during the year, we have upgraded our revenue estimates for FY09 and FY10 by 9.4% and 10% to Rs 53 billion and Rs 69.8 billion respectively, and consequently PAT estimates for FY09 and FY10 by 9.3% and 9.4% to Rs 2.95 billion and Rs 3.98 billion respectively. We have reduced our price target from Rs 653 to Rs 548 as we cut our target multiple for its core business to 17x from 21x FY09 EPS. On account of conservatism we have valued IVR Prime at 30% discount to the NAV value. We maintain Outperformer rating on IVRCL," says Lilladher's research report.

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