Merrill Lynch has kept buy rating on IVRCL Infra; with a target of Rs 610
Hyderabad-based infrastructure IVRCL is the top pick of the broking house in the mid-cap construction space. The company has just recorded a strong performance for financial year 2008-09 with net profit up 49 per cent to Rs 210 crore and the order backlog up 67 per cent to Rs 12,800 crore. Merrill Lynch expects the firm to post an earning per share (EPS) growth of 25 per cent over 2008-10. The triggers for the company are its focus on the water sector, potential wins in infrastructure sector in the BOT (build operate and transfer) space and scaling up of its subsidiaries IVR Prime and Alcor Petroo. Some of the projects where the firm is a developer, including toll roads and the Chennai desalination plant, are set for completion during the current fiscal.
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