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Thursday, June 06, 2013

IVRCL Ltd: Long Run Expected
Triggers
(i) IVRCL Ltd said a couple of months back, that it will sell its stakes in three road projects in Tamil Nadu to TRIL Roads Pvt Ltd, a unit of steel-to-salt conglomerate Tata Group. The 154.83 km-long roads are build-operate-transfer (BOT) projects with a total project cost of Rs. 2,200 crore. IVRCL has plans to sell three more assets out of 9 BOT projects within a span of six months. According to my close sources, the process have already started, though some hassles are still to be sorted out (Watch the accompanying Video). IVRCL requires Rs.11bn in the next 3.5 years to invest in BOTs.
(ii) According to a press release issued by the company, its Transportation Division bagged orders worth Rs.445.54 crore in May, 2013. The orders include Road and Drain improvement works in Karnataka, construction and upgradation of road in Madhya Pradesh and Construction of roadbed, station buildings and passenger amenities for east coast railway, the release said. The Building Division secured orders worth Rs. 183.61 crore. The works include construction of secondary technical school in Umm Al Quwain in UAE and construction on integrated office building for ISRO in New Delhi, the release added. According to the release, remaining orders worth around Rs.10 crore pertain to various other miscellaneous work.
(iii) Financials: IVRCL Ltd has registered a profit of Rs.6.06 crore for the quarter ended March 31 against a profit of Rs.4.94 crore for the corresponding period last year, recording a jump of 22.67 per cent.  Income from operations was down 6.5 per cent at Rs.1,494.26 crore against Rs.1,597.97 crore for the same period last year. The Hyderabad-based construction and infrastructure company’s full year numbers are not comparable as it had an extended 15-month financial year last year. This was to facilitate restructuring of operations, including the merger of group companies and also the demerger of certain divisions. 
The company has a humongous order book of Rs.27,444 crore. Any Repo rate or CRR cut by the RBI in the next policy meet would be positive for the Bank, Real Estate and Construction Counters. Meanwhile, a brokerage  house has given a target of Rs.55, for the scrip. CMP: Rs.19.05.