Consolidated Construction Consortium (CCCL) reported net sales of Rs.508 crore for 1QFY2011, in line with expectations. Operating margins of 8.3% and net profits of Rs.18.8 crore were also as expected. Order inflows grew 152% year-over-year to Rs.1,706 crore, indicating a revival in commercial and infrastructure segments. CCCL maintains an order backlog of Rs.4,527 crore, providing visibility for the next few years. While margins and profits met estimates this quarter, analysts maintain an 'Accumulate' rating given strong order backlog and expected 20% earnings growth over FY2010-12.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. 1QFY2011 Result Update | Infrastructure
July 28, 2010
Consolidated Construction Consortium ACCUMULATE
CMP Rs83
Performance Highlights Target Price Rs89
Y/E March (Rs cr) 1QFY11 1QFY10 % chg (yoy) 4QFY10 % chg (qoq) Investment Period 12 Months
Net Sales 508.0 411.6 23.4 636.3 (20.2) Stock Info
Operating Profit 42.0 30.2 39.1 66.9 (37.2) Sector Infrastructure
Market Cap (Rs cr) 1,542
Net Profit 18.8 17.7 6.4 33.6 (44.1)
Beta 0.64
Source: Company, Angel Research
52 Week High / Low 98/46.1
Consolidated construction consortium (CCCL) reported in-line net sales for Avg. Daily Volume 23,223
1QFY2011 led primarily by decent order inflow during the last few quarters. The Face Value (Rs) 2
operating margins and earnings were also in line with our expectations. Order BSE Sensex 17,992
inflow stood at Rs1,706cr during 1QFY2011, a yoy jump of ~152%, which we Nifty 5,409
believe is indication of revival in the commercial and infrastructure segments. Reuters Code CCON.BO
CCCL’s order book at 2.3x FY2010 revenues, gives revenue visibility for the next Bloomberg Code CCCL@IN
couple of years. In light of the improving order inflow scenario, earnings CAGR of
~20% over FY2010-12E and decent return ratios, we maintain an Accumulate on
the stock. Shareholding Pattern (%)
Promoters 50.6
In-line results: CCCL reported decent top-line growth of 23.4% to Rs508cr in line MF / Banks / Indian Fls 10.9
with our expectations of Rs491cr. OPM’s came in at 8.3% (7.3%), up by 100bp in FII / NRIs / OCBs 17.9
line with our expectation of 8.5%, aided by a low base. However, bottom-line
Indian Public / Others 20.6
registered mere 6.4% yoy growth to Rs18.8cr (Rs17.7cr) mainly on account of the
expected higher interest cost, in line with our expectation of Rs18.9cr.
Abs. (%) 3m 1yr 3yr
Outlook and Valuation: We believe the key triggers to watch out for CCCL should
Sensex 2.2 17.6 (5.6)
be order inflow and better-than-expected ramp up in execution. Management is
CCCL (5.8) 61.3 (47.4)
confident about strong order inflow in FY2011 and targets to achieve around
Rs4,000cr as against Rs2,166cr in FY2010. We value CCCL at ~15% discount to
its larger peers like NCC, IVRCL, HCC, etc., given its scale of operations. Hence,
we assign a P/E of 12x its FY2012E earnings and have arrived at a Target Price of
Rs89. We maintain an Accumulate on the stock.
Key Financials (Consolidated)
Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
Net Sales (incl op. income) 1,840.9 1,975.9 2,461.3 2,891.0
% chg 24.6 7.3 24.6 17.5
Adj. Net Profit 72.4 91.6 109.0 137.7
% chg (18.9) 26.6 19.0 26.3
FDEPS (Rs) 3.9 5.0 5.9 7.5
EBITDA Margin (%) 7.0 9.1 8.9 9.5
P/E (x) 21.1 16.7 14.0 11.1 Shailesh Kanani
RoAE (%) 14.9 16.6 17.1 18.4 022-40403800 Ext: 321
RoACE (%) 17.5 19.3 19.5 21.2 shailesh.kanani@angeltrade.com
P/BV (x) 3.0 2.6 2.2 1.9
Aniruddha Mate
EV/Sales (x) 0.9 0.9 0.7 0.6
022-40403800 Ext: 335
EV/EBITDA (x) 12.4 9.5 7.8 6.4 aniruddha.mate@angeltrade.com
Please refer to important disclosures at the end of this report 1
2. CCCL|1QFY2011 Result Update
Exhibit 1: 1QFY2011 Performance (Standalone)
Y/E March (Rs cr) 1QFY11 1QFY10 4QFY10 % chg (yoy) % chg (qoq) FY2010 FY2009 % chg
Net Sales 508.0 411.6 636.3 23.4 (20.2) 1975.9 1840.9 7.3
Total Expenditure 466.0 381.4 569.4 22.2 (18.2) 1796.7 1712.4 4.9
Operating Profit 42.0 30.2 66.9 39.1 (37.2) 179.2 128.5 39.5
OPM (%) 8.3 7.3 10.5 100bp (220)bp 9.1 7.0 190bp
Interest 10.5 3.6 14.6 190.6 (27.6) 32.6 18.4 77.2
Depreciation 2.9 2.2 2.9 33.3 (1.4) 11.0 9.0 23.3
Non Operating Income 1.4 2.3 2.4 (40.3) (42.2) 6.4 9.4 (32.0)
Nonrecurring items 0.9 0.0 0.0 - - 0.0 0.0 -
Profit Before tax 29.1 26.7 51.8 8.7 (43.9) 142.0 110.5 28.5
Tax 10.3 9.1 18.2 13.0 (43.5) 50.4 38.2 32.0
Reported Net Profit 18.8 17.7 33.6 6.4 (44.1) 91.6 72.4 26.6
PAT (%) 3.7 4.3 5.3 (60)bp (160)bp 4.6 3.9 70bp
Reported EPS 1.0 4.8 2.1 (78.7) (51.7) 5.0 3.9 26.6
Source: Company, Angel Research;
Exhibit 2: 1QFY2011 Actual v/s Estimates
Estimates Actual Variation (%)
Net Sales 491.0 508.0 3.5
OPM (%) 8.5 8.3 (19.0)bp
PAT 18.9 18.8 (0.5)
Source: Company, Angel Research
Top-line in line with estimates… CCCL reported decent top-line growth of 23.4%
to Rs508cr, in line with our expectation of Rs491cr primarily led by decent order
inflow during the last few quarters. Going ahead too, we expect the company to
post decent performance on the top-line front. We are penciling in 21% CAGR
over FY2010-12E on strong order book and pick up in the commercial and
infrastructure segments. Order booking during the quarter was also good at
Rs1,706cr, which was primarily due to the large Rs1,218cr order bagged during
the quarter. Order inflow represents 79% of the total orders bagged in FY2010.
The average execution period for the order book is 18 months.
Exhibit 3: Quarterly revenue trend Exhibit 4: Quarterly order booking trend
700 40.0 2,000 200.0
600 33.2 This yoy jump is 151.5
30.2 30.0 indicative of revival in 150.0
500 23.4 1,500
400 21.9 20.0 order inflow 100.0
300 10.0 32.3
8.5 1,000 39.8 50.0
200 2.7 4.5
100 -
(3.4) -
0 (10.0) 500 (71.3) 9.5
(50.0)
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
- (100.0)
1QFY10 2QFY10 3QFY10 4QFY10 1QFY11
Sales (Rs cr, LHS) Growth (yoy %, RHS) Order Booking (Rs cr, LHS) Growth (yoy %, RHS)
Source: Company, Angel Research Source: Company, Angel Research
July 28, 2010 2
3. CCCL|1QFY2011 Result Update
…so were the margins and bottom-line: The OPM’s reported by CCCL for
1QFY2011 came in at 8.3% (7.3%), an increase of 100bp and in line with our
expectation 8.5%, aided by a low base. However, bottom-line registered mere
6.4% growth to Rs18.8cr (Rs17.7cr) mainly on account of expected higher interest
cost, in line with our expectation of Rs18.9cr.
Exhibit 5: Quarterly EBITDA trend Exhibit 6: Quarterly bottom-line trend
80.0 12.0 40.0 5.3 6.0
70.0 10.5 35.0 4.7
10.0 4.3 5.0
60.0 8.9 9.0 30.0 4.1
8.0 25.0 4.3 4.7 4.0
50.0 7.1 7.3 8.3
40.0 6.8 6.0 20.0 3.7 3.0
5.4 15.0 3.0
30.0 4.0 2.0
20.0 10.0
2.0 5.0 1.0
10.0 - -
- -
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
EBITDA (Rs cr, LHS) EBITDAM (%, RHS) PAT (Rs cr, LHS) PATM (%, RHS)
Source: Company, Angel Research Source: Company, Angel Research
Order Book Analysis
CCCL’s order book, as on 1QFY2011, stood at Rs4,527cr (2.3x FY2010
revenues), up 33.6% yoy and dominated by the infrastructure (52.7%) and
commercial (34.6) segments. The balance is contributed by the industrial and
residential segments. The order book is spread across price protected (~60%),
fixed price (~20%) and without material (20%) contracts.
Exhibit 7: 1QFY2011 Order booking-Sector-wise (Rs cr) Exhibit 8: 1QFY2011 Order backlog-Sector wise (Rs cr)
76 153 420
290 Industrial
Industrial
1,565 Commercial
Commercial 2,389
1,339 Infrastructure
Infrastructure
Residential
Source: Company, Angel Research Source: Company, Angel Research
July 28, 2010 3
4. CCCL|1QFY2011 Result Update
Outlook and Valuation
We believe that key trigger to watch out for CCCL should be order inflow and
better than expected ramp up in execution. Management is confident about strong
order inflow in FY2011 and targets to achieve around Rs4,000cr against
Rs2,166cr in FY2010. We have value CCCL at ~15% discount to its larger peers
like NCC, IVRCL, HCC, etc., given its scale of operations. Hence, we assign a P/E
of 12x its FY2012E earnings and have arrived at a Target Price of Rs90. We
maintain an Accumulate on the stock.
Exhibit 9: Key Assumptions
FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Order Inflow 2,044 2,138 2,512 2,166 4,000 5,000
Revenues 868 1,477 1,841 1,976 2,461 2,891
Order Backlog (Y/E) 1,769 2,652 3,323 3,392 4,931 7,040
Order Book to Sales ratio (x) 2.0 1.8 1.8 1.7 2.0 2.4
Source: Company, Angel Research
Exhibit 10: Angel EPS forecast v/s consensus
Angel Forecast Bloomberg Consensus Variation
FY2011E 5.9 5.9 0.0
FY2012E 7.5 7.0 (6.1)
Source: Company, Angel Research
July 28, 2010 4
5. CCCL|1QFY2011 Result Update
Investment Argument
Pure construction play: CCCL provides turn-key construction services in the
infrastructure, industrial, commercial and residential segments of the construction
industry. The company has executed and is in the process of executing projects
across several states and union territories in India. CCCL, over the years, has built
strong credibility in the commercial / hospitality and industrial contracting space. It
is reputed for high quality execution within challenging time schedules along with
strong management credentials. Further, in the past, CCCL has executed a
number of projects and nurtured strong relationships with many clients including IT
firms like Infosys and HCL Technology. Around 50% of CCCL's order book
constitutes repeat orders from existing clients. We believe that CCCL's strong
relationship with the blue chips will help it to continue on growth path going
forward.
July 28, 2010 5
11. CCCL|1QFY2011 Result Update
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement CCCL
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
July 28, 2010 11