HSBC Research has maintained Overweight on IVRCL in its Feburary 4 2008 report. "IVRCL's 3Q08 Result is better than expected. IVRCL reported a third consecutive quarter of good execution with sales for 3Q08 up 87% to Rs 9.75 billion vs our estimates of Rs 7 billion, and recurring profit after considering full tax rate has doubled to Rs 570 million. However, as the company still is considering the tax benefit under 80IA, the reported PAT is Rs 641 million. The company also reported 160 bps margin improvement driven by operating leverage resulting in EBIDTA growth of 117% to Rs 1.1 billion. The interest cost, up 80% to Rs 177 million, includes Rs 85 million of forex loss. The company current order backlog is Rs 102 billion, vs Rs 72.5 billion in 3Q07). They have received new orders worth Rs 22 billion. The management has also indicated that they are lowest bidder in another Rs 7.75 billion
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