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Saturday, May 31, 2014

IVRCL Ltd (Rs.25. 07): Updates
According to Economic Times, 31st May, 2014, the Hyderabad based infrastructure company IVRCL Ltd is planning to raise up to Rs.300 crore in two tranches to fund projects during 2014-15. The company's board, which met on Friday to review its financial results for the fourth quarter and 2013-14, has approved the proposal to raise this amount. 

The money will be raised through either a Rights Issue, Preferential Allotment or Institutional Placement. IVRCL Ltd's consolidated loss widened to Rs.853 crore in 2013-14 from Rs.240 crore, in the previous fiscal. 

During this period its turnover grew by 10% to Rs.4,945 crore from Rs 4,495 crore in 2012-13. For the fourth quarter ended March 2014, the company's standalone turnover was at Rs .1,217 crore, against last year's Rs.1,494 crore and loss stood at Rs.28 crore, against last year's net profit of Rs 23 crore 

Faced with tough business environment including high interest rate regime, which has impacted the overall pace of project execution and profitability of the company, IVRCL has approached the Corporate Debt Restructure Cell on January 20, 2014.

The company has stated, while declaring the Q4FY14 results, that though it invested Rs.66 crore in its subsidiary Hindustan-Dorr Oliver Limited, but its net worth has substantially eroded. However, it expects to implement business plan and improve its future operations.

According to the Hindu Business Line of May 30, 2014, IVRCL had entered into agreements on March 30, 2013 with a strategic partner (TRIL, a Tata group entity) for divestment of 74% stake in BOT projects relating to Salem Tollways Limited, Kumarapalayam Tollways Limited and IVRCL Chengapalli Tollways Limited as a composite agreement, subject to approvals for all the projects from NHAI and the lenders. Pending approvals from the lenders, the investments in these projects are considered as long term investments.Based on expected cash flow, no provision was considered necessary to carrying value for investments.

Important
Live Mint, 30 May, 2014 writes:
  • Nitin Jairam Gadkari has been named India’s new shipping minister in the Narendra Modi-led National Democratic Alliance (NDA) government that assumed office on 26 May. Gadkari, a member of the Bharatiya Janata Party (BJP) that won a simple majority on its own in the just-concluded general elections, is also India’s minister for road transport and highways—Prime Minister Modi merged the erstwhile ministries of shipping and road transport and highways into a single ministry. 
  • Gadkari, 58, is no novice to transport sector. He was the public works department (PWD) and ports minister for Maharashtra between 1995 and 1999 during which he demonstrated a penchant for building a series of roads, highways and flyovers in Maharashtra.
  • Gadkari’s anointment as the minister for shipping, road transport and highways breaks the stranglehold over this ministry by lawmakers from Tamil Nadu on India’s eastern coast for a decade. The last two ministers spearheading this sector—T.R. Baalu and G.K. Vasan—hailed from Tamil Nadu and most of their focus was skewed in favour of their home state, which has a sizeable coastline. 
  • Gadkari comes from Maharashtra on India’s western coast which too has a fairly large coastline.
  • Gadkari has his task cut out. In the ports sector, there are several issues that await him, the most important among them being tariff reforms, restructuring the 12 ports owned by Indian government into corporate entities from a trustee set-up, development of coastal shipping and inland water transport, road linkages to ports and allowing Indian fleet owners to register their ships overseas.
Now this particular issue raises the expectation from the companies, which are into Roads & Highways, Shipping  & Ports, eg. IVRCL Ltd (Rs.25.07), Marg Ltd (Rs.19.75), IRB Infrastructure Ltd (Rs.197.05), HCC Ltd (Rs.33.80), Western India Shipyard Ltd (Rs.2.40), etc. 

All these shares were recommended by me at much lower levels and the investors, already made lot of money from them. 
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