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Last Updated : Feb 23, 2017 05:24 PM IST | Source:

Hold ITD Cementation; target of Rs 155: Systematix

Systematix recommended hold rating on ITD Cementation with a target price of Rs 155 in its research report dated February 22, 2017.

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Systematix's research report on ITD Cementation

ITD Cem’s (ITCE) 4QCY16 revenue declined 31% yoy to Rs 7.3bn (our est. Rs 7bn) on lower contribution from JNPT marine order (15-20% of revenue) compared to 4QCY15. Consolidated EBITDA margin expanded 144bps to 7.6% led by lower construction expenses. Adjusting for JV losses of Rs 124mn, EBITDA margin would have been at 9.3%.


While the current order book comprises of better margin orders (barring pending DMRC orders), we await a ramp-up in execution, conversion of L1 and robust EBITDA margin expansion. We maintain a Hold rating, with a revised target price of Rs 155.

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First Published on Feb 23, 2017 05:24 pm
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