Buy Noida Toll Bridge Company: PPFAS

Parag Parikh Financial Advisory Services (PPFAS) has recommended to buy Noida Toll Bridge Company Limited (NTBCL), in its April 25, 2012 research report.

April 27, 2012 / 14:41 IST

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Parag Parikh Financial Advisory Services (PPFAS) has recommended to buy Noida Toll Bridge Company Limited (NTBCL), in its April 25, 2012 research report.

Noida Toll Bridge Company Limited (NTBCL) reported a strong set of numbers for the quarter ended March, 2012.

Quarterly Nos (Standalone, YoY)

Net Revenues went up by 16.6% from Rs.212.3 Mn to Rs.247.6 Mn. Average Daily Traffic continues to be strong.
Total Expenditure reduced by 10.5% to Rs.62.7 Mn. This was primarily on account of lower Rates and Taxes as
compared to the same period, a year ago
Other income increased by 70% to Rs.38.3 Mn
Interest costs continued to come down. They were lower by 16% at Rs.29.5 Mn
Net Profit ended higher by 36% at Rs.147 Mn. EPS stood at Rs.0.79

Annual Nos (Consolidated, YoY)

Net Revenues went up by 10.6% from Rs.858.5 Mn to Rs.949.6 Mn
Average Daily Traffic for FY12 has increased by about 5% over FY11. The Agra Expressway is expected to open up within a month and this may add to the traffic on DND flyway.
Total Expenditure increased by 10.1% to Rs.269.1 Mn
Interest costs have come down by 9.2% to Rs.157.1 Mn. These will continue to reduce over the coming years.
Net Profit ended higher by 21.6% at Rs.455.5 Mn. EPS stood at Rs.2.45

At the CMP of Rs.24.30, NTBCL trades at a PE(TTM) of little less than 10 times. The Company has declared a final dividend of Rs.0.50. This makes it a total dividend of Re.1 for FY12, i.e. a dividend yield of over 4%. The story continues to get better. Traffic numbers too have started growing after a lacklustre FY11. Valuations are extremely cheap. We continue to recommend a 'BUY', says Parag Parikh Financial Advisory Services research report.