Angel Broking has recommended an accumulate rating on IVRCL Infrastructure and Projects with a target price of Rs 463 in its May 30, 2008 research report. "IVRCL Infrastructure Projects, one of the leading infrastructure players, reported a 31% yoy growth in Topline to Rs 1326 crore (Rs 1,009 crore) for 4QFY2008, which was in-line with our estimates of Rs 1,330 crore. For FY2008, the company registered a yoy growth of 58% in Topline to Rs 3,698 crore (Rs 2,347 crore). This robust performance came on the back of strong order book and good conversion of order to bill by the company."
"We have valued IVRCL's standalone business at Rs 350 assigning a PE of 14x FY2010E EPS of Rs 25. IVRCL’s BOT projects, majority stake in Hindustan Dorr Oliver (HDO) and IVR Prime Urban Development (IVR PUDL) contribute Rs 32, Rs 15 and Rs 65 to our target price, respectively. We have revised our target price to Rs 463 (Rs 535) on the back of higher then expected debt, slowdown in the Real Estate sector and pressure on margins due to the sharp run up in commodity prices. Thus, we currently recommend an Accumulate on the stock," says Angel's research report.
Link to the article: http://www.moneycontrol.com/india/news/recommendations/accumulate-ivrcl-infra,-tgt-rs-463:-angel/340702
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