IRB Infrastructure Developer Ltd. reported a Q3FY12 result update. Key highlights include:
- EBIDTA margins improved 193bps y-o-y to 48.18% due to lower raw material costs. EBIDTA grew 16.4% to Rs. 341.69Cr.
- Toll collection grew 29.6% to Rs. 322.3Cr, with the inclusion of new projects. The company expects to maintain 15-20% growth in its E&C business in FY12.
- The company has infused a total equity of Rs. 481Cr in four under construction projects and expects all projects to be completed on schedule.
Ceat Q1FY15: Higher opex impact margins; Book profitsIndiaNotes.com
CEAT reported results which were below expectations. Sales were broadly in line with expectations but EBITDA margin declined by 160 bps QoQ. Book profits at current levels as there is no substantial upside from current levels.
Ceat Q1FY15: Higher opex impact margins; Book profitsIndiaNotes.com
CEAT reported results which were below expectations. Sales were broadly in line with expectations but EBITDA margin declined by 160 bps QoQ. Book profits at current levels as there is no substantial upside from current levels.
Ashok Leyland Q1FY15: Losses narrowed down to Rs48 mn, holdIndiaNotes.com
Ashok Leyland's Q1FY15 results were inline with estimates on the top-line front at INR 25 bn. Losses narrowed down to INR 48 mn (more than we expected) led by lower raw material costs & higher other income. Rating changed from sell to hold.
L&T has announced orders worth ~Rs300bn for the quarter against reported order inflow of Rs334bn in Q1FY15. Order flow announced in the current quarter has been dominated by domestic orders which constituted 74% of orders against 44% in Q1FY15. Maintain buy.
Ashok Leyland Q1FY15: Losses narrowed down to Rs48 mn, holdIndiaNotes.com
Ashok Leyland's Q1FY15 results were inline with estimates on the top-line front at INR 25 bn. Losses narrowed down to INR 48 mn (more than we expected) led by lower raw material costs & higher other income. Rating changed from sell to hold.
L&T has announced orders worth ~Rs300bn for the quarter against reported order inflow of Rs334bn in Q1FY15. Order flow announced in the current quarter has been dominated by domestic orders which constituted 74% of orders against 44% in Q1FY15. Maintain buy.
Vaibhav Global Q1FY15: Outlook continues to remain positive; HoldIndiaNotes.com
As expected, the company reported sales growth of 20.3% yoy to Rs 301 cr, on account of sluggish TV Sales. Q1 is a temporary blip and Nirmal Bang expects the growth to be normalized from Q3 onwards (Q2 is seasonally weak quarter for the company). Hold
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...
Irb infrastructure developers ltd q3 fy12 result update
1.
Bloom
Ke
IRB
Q3FY
Key
Secto
CMP
52wk
Marke
6m Av
BSE S
Reco
Targe
Stoc
Bloom
Reute
BSE C
NSE C
Face V
Share
2011)
Price
1 Mth
26.7%
Stoc
Denil
(denil@
(+912
Pro
40%
50%
60%
70%
80%
90%
100%
110%
mberg KNTE <
eynote Capita
Infrastru
Y12 Result U
Stock Data
r
High/Low
et Cap
vg. daily vol
Sensex
et Price
ck Codes
mberg Codes:
rs code:
Code:
Code:
Value:
eholding patt
e Performanc
3 Mths
% -2.7%
ck Price Perfo
l Savla, Ana
@keynoteind
2-30266073)
17.4%
6.5%
8.6%
omoters FIIs
%
%
%
%
%
%
%
%
Nov-10
Jan-11
Mar-11
M11
IRB
<GO>, Thoms
als Institutio
ucture De
Update
Infra (Pow
`174.70
`229.9/12
`58.07bn
($1161.4m
351226
17193.5
‘Buy’
`215.3
IRB.IN
IRBI.BO
532947
IRB
`10
tern (31st
Dec
ce (
6 Mths 12
-5.7% -18
ormance
alyst
ia.net)
67.6%
DIIs Other P
May-11
Jul-11
Sep-11
Nov-11
SENSEX
Keynote Ca
son One Ana
nal Research
eveloper L
wer)
21.0
mn)
c
(%)
Mths
8.45%
IRB
BOT
expe
Reve
23.0%
`132
will c
shee
mont
Key
S
w
m
J
li
C
a
fr
C
o
`
T
e
s
T
g
2
Outl
NHA
its ta
we e
valua
`215
FY12
Public
Jan-12
apitals Instituti
lytics, Reuter
h –awarded
Ltd.
Infrastructur
players in
ectation.
enues grew a
% to `375.44
.04Cr from `
continue to co
t and awaits
ths.
y Performan
Strong constr
which has be
months. Bette
Jaipur-Tonk-D
ine.
Consolidated
account of be
rom toll segm
Consolidated
o-y) due to hi
`217.39Cr.
The newly ba
end of Febru
schedule.
The company
guidance of 2
28.1% to `312
look & Val
I has awarded
rgets of 7300
expect there
ation, we main
.3 per share.
2E & FY13E e
ional Researc
rs Knowledge
“India’s Bes
re Develope
the countr
t 11.5% y-o-y
4Cr from `305
135.97Cr on
oncentrate on
s the consolid
nce Highlig
ruction order
een discarde
er than expec
Deoli (`185Cr
EBIDTA Mar
etter executio
ment.
PAT de-grew
gher interest
gged Vadoda
ary 2012 an
y has already
20% y-o-y gr
23.5Cr.
uation
d 3685kms o
0kms (20kms
will be imm
ntain positive
At CMP, sto
earnings resp
ch is also ava
e, Capital IQ, T
t IPO Analys
rs Ltd, one
ry has post
y to `745.48C
5.28Cr. Howe
account of r
n road project
dation phase
ghts
backlog of `
ed improves
ted execution
r) and Amritsa
rgins rose by
on managem
w marginally b
cost which ro
ara-Ahmedab
nd constructio
achieved 78%
rowth. Howev
f projects as
a day). Since
mense oppor
outlook with
ock is trading
pectively.
K E
INSTIT
ailable on
TheMarkets.c
st 2009” by M
of the large
ted Q3FY12
Cr from `668.
ever PAT de-
ise in interes
ts. It plans to
e, which we
`9100Cr excl
the future v
n in projects T
ar-Pathankot
332bps to 48
ent further a
by 2.9% to `1
ose by 84.25
bad project w
on will start
% of its guida
ver, we expe
on 30 Novem
e IRB is prom
rtunity for th
‘buy’ arriving
at a PE mult
E Y N
TUTIONAL
com and secu
MCX-Zee Bus
Jan
est and mos
results in
81Cr wherea
-grew margin
st cost and de
o maintain a h
expect over
luding the Go
visibility for t
Talegaon-Am
(`99.3Cr) im
8.18% from 4
added by hig
131.39Cr from
5% (y-o-y) to
ill be financia
in Q1FY13 o
ance and mai
ect higher top
mber 2011 and
minent player i
e company.
revised targe
tiple of 13.91
N O T
L RESEARC
urities.com
siness
nuary 31, 20
st experienc
line with o
as EBIDTA gr
nally by 2.9%
epreciation. I
healthy balan
the next 18-
oa-Panji proj
the next 24-
mravati (`176C
mproved the to
44.86% y-o-y
her contribut
m `133.01Cr
`400.54Cr fro
ally close by t
onwards as p
ntain the ear
p-line growth
d continues w
n BOT projec
Based on o
et price of
x and 11.87x
E
CH
012
ced
our
rew
% to
RB
nce
-24
ect
-30
Cr),
op-
on
ion
(y-
om
the
per
lier
of
with
cts,
our
x of
2. IRB Infrastructure Developer Ltd. – Q4FY11 Result Update
Page 2 Keynote Capitals Institutional Research
Our Analysis
Improvement in execution of E&C business
As the company currently has four new projects on which construction has already
started, major revenues are likely to be booked from these projects. The company
expects 15-20% growth in the E&C business in FY12 whereas major growth would
be in FY13 & FY14 as construction of the newly bagged project Ahmedabad-
Vadodara Expressway worth `3600Cr would start only in FY13.
Rise in EBIDTA margins beats the overall quarterly performance
EBIDTA margins improved 193bps y-o-y, primarily due to decrease in raw material
prices. EBIDTA grew 16.4% y-o-y and 6.3% q-o-q basis to `341.69Cr in Q3FY12.
Daily gross toll collection of `3.5Cr
Gross toll collection grew by 29.6% y-o-y and reaches up to Rs322Cr in Q3FY12,
primarily inclusion of tumkut chitradurga and toll hike in Mumbai-Pune (23.0%) and
Surat-Dahisar (11.3%) during the start of the current fiscal year.
Project wise toll revenue growth (` Cr)
Projects Q3FY11 Q2FY12 Q2FY12 Y-o-Y Q-o-Q
TBB – 4 Mumbra 13.80 14.45 15.91 15.3% 10.1%
Kharpada 1.92 1.90 2.04 6.3% 7.7%
Nagar Karmala Tembhurni 3.59 3.53 3.50 -2.5% -0.9%
Mohol Mandrup Kamptee 1.89 1.89 1.85 -2.1% -2.0%
Pune Solapur 3.53 3.91 4.24 20.1% 8.4%
Pune Nashik 5.55 5.53 5.77 4.0% 4.4%
Mumbai Pune 80.87 99.68 99.96 23.6% 0.3%
Thane Ghodbandur 7.28 6.91 7.54 3.6% 9.1%
Surat Dahisar 95.46 93.90 106.29 11.3% 13.2%
Bharuch Surat 34.78 34.68 37.24 7.1% 7.4%
Tumkur Chitradurga - 38.70 38.00 - -1.8%
Gross Toll Revenues 248.7 305.1 322.3 29.6% 5.7%
(Source: Company and Keynote Capitals Institutional Research)
Equity infused till date is `481Cr
The company has infused total equity of `481Cr in their 4 under construction
projects out of `1366Cr. It will also infuse around full equity in two of their projects
so that they could avail the government grant that will help them to execute
projects in faster manner. As on date, all the projects are expect to complete on
schedule. All equity requirements would be fund through internal accruals only. The
company has already infused 35% of the equity where as only 10-15% of work is
complete on these projects as time taken for the earth evacuation is longer.
Vadodara-Ahmedabad 1st
Mega highways project bagged by IRB
The company has bagged Vadodara Ahmedabad mega highway project worth
`3678Cr with the concession of 25 year including 3 years of construction at a
premium of `309.6Cr in 1st
year and thereafter 5% increase every year. We have
not included this project in our valuation due to lack of clarity. However we may add
it in FY13 as the construction work would only start in FY13.
3. K E Y N O T E
INSTITUTIONAL RESEARCH
Keynote Capitals Institutional Research Page 3
Toll collection from Tumkur started and Kolhapur City project is expected in
Q3 FY12
Toll collection started from Tumkur-Chitradurg project from June 2011 as expected
and the toll collection for the Q2FY12 was `38.7Cr. Due to some procedural delay
Kolhapur City Roads would start somewhere in Q3FY12. The company expects
first full year operational revenue in the range `35-40Cr.
Quarterly Results P&L (` Cr)
Source: Company and Keynote Capitals Institutional Research
Consolidated P&L (` Cr)
Particulars FY09 FY10 FY11 FY12E FY13E
Net Sales 991.90 1704.80 2438.11 3123.51 3606.06
Total Expenditure 553.00 905.80 1344.20 1866.88 2177.60
PBIDT (Excl OI) 438.90 799.00 1093.91 1256.63 1428.46
Other Income 28.20 48.90 64.49 80.00 75.00
Operating Profit 467.10 847.90 1158.40 1336.63 1503.46
Interest 137.70 249.40 357.20 441.49 481.11
PBDT 329.40 598.50 801.20 895.14 1022.36
Depreciation 114.40 181.90 225.40 346.62 380.92
PBT 215.00 416.60 575.80 548.52 641.44
Tax 37.80 13.30 111.70 131.19 152.09
Profit After Tax 177.20 403.30 464.10 417.33 489.35
% of Sales 17.9% 23.7% 19.0% 13.4% 13.6%
Growth (%) 40.1% 127.6% 15.1% -10.1% 17.3%
(E: Keynote Capitals Institutional Research Estimates)
Particulars Q3FY11 Q2FY12 Q3FY12 Y-o-Y Q-o-Q 9M FY11 9M FY12 Y-o-Y
Net Sales 668.81 735.88 745.48 11.5% 1.3% 1671.14 2282.69 36.6%
Total Expenditure 375.24 414.40 403.79 7.6% -2.6% 891.91 1290.07 44.6%
PBIDT (Excl OI) 293.57 321.48 341.69 16.4% 6.3% 779.23 992.62 27.4%
Other Income 11.71 30.07 33.75 188.2% 12.2% 41.60 92.04 121.3%
Operating Profit 305.28 351.55 375.44 23.0% 6.8% 820.83 1084.66 32.1%
Interest 81.97 141.15 141.96 73.2% 0.6% 217.39 400.54 84.2%
PBDT 223.31 210.40 233.48 4.6% 11.0% 603.44 684.12 13.4%
Depreciation 58.54 62.85 72.37 23.6% 15.1% 166.64 195.45 17.3%
PBT 164.77 147.55 161.11 -2.2% 9.2% 436.80 488.67 11.9%
Tax 28.80 36.69 29.07 0.9% -20.8% 78.17 110.02 40.7%
Profit After Tax 135.97 110.86 132.04 -2.9% 19.1% 358.63 378.65 5.6%
4. IRB Infrastructure Developer Ltd. – Q4FY11 Result Update
Page 4 Keynote Capitals Institutional Research
Consolidated Balance sheet (` Cr)
Particulars FY09 FY10 FY11 FY12E FY13E
Share Capital 332.4 332.4 332.4 332.4 333.4
Total Reserves 1397.7 1707.5 2163.1 2569.2 3046.9
Shareholder's Funds 1730.1 2039.9 2495.5 2901.6 3380.3
Minority Interest 59.9 77.9 95.0 110.0 118.0
Deferred Liabilities 18.2 26.7 30.0 26.4 27.2
Total Debts 2485.9 2915.2 3379.9 4417.6 5026.4
Total Liabilities 4294.1 5059.7 6000.4 7455.5 8551.9
Net Block 2016.2 3467.4 4052.0 4711.8 5315.4
Capital Work in Progress 1454.5 880.2 897.6 1185.8 840.9
Total Fixed Assets 3470.7 4347.6 4949.6 5897.6 6156.3
Investments 110.8 45.1 50.0 80.0 81.0
Total Current Assets 1018.1 1147.7 1630.5 2184.0 3028.3
Total Current Liabilities 306.5 481.6 630.5 707.5 716.0
Net Current Assets 711.6 666.1 1000.0 1476.5 2312.2
Total Assets 4294.1 5059.7 6000.4 7455.5 8551.9
(E: Keynote Capitals Institutional Research Estimates)
Consolidated Cash Flow (` Cr)
Particulars FY09 FY10 FY11 FY12E FY13E
Profit Before Tax 215.00 416.60 575.80 548.52 641.44
Add: Depreciation 114.40 181.90 225.40 346.62 380.92
Add: Interest Expenses 115.90 214.40 357.20 441.49 481.11
Changes In working Capital -140.10 185.00 51.11 -219.24 -508.65
Cash Flow after changes in WC 304.00 984.52 1209.51 1117.38 995.82
Less: Tax Paid 42.40 81.20 111.70 131.19 152.09
Cash from Operating Activities 261.60 903.32 1097.81 986.19 843.73
Cash from Investing Activities -604.70 -1022.30 -642.31 -1387.34 -563.26
Cash from Financing Activities 330.90 142.60 153.18 622.48 46.65
Net Cash Inflow / Outflow -12.20 23.62 608.67 221.33 327.12
Opening Cash balance 111.02 98.82 122.44 731.11 952.45
Closing Cash balance 98.82 122.44 731.11 952.45 1279.57
(E: Keynote Capitals Institutional Research Estimates)
5. K E Y N O T E
INSTITUTIONAL RESEARCH
Keynote Capitals Institutional Research Page 5
Ratios
Turnover Ratios FY09 FY10 FY11 FY12E FY13E
Total Assets Turnover 0.2 0.3 0.4 0.4 0.4
Fixed Assets Turnover 0.3 0.4 0.5 0.5 0.6
Net sales to net working capital 1.4 2.6 2.4 2.1 1.6
Net Working Capital Days 261.9 142.6 155.1 172.5 234.0
Inventory Turnover 4.8 10.0 12.0 12.0 10.0
Inventory Days 75.6 36.4 30.4 30.4 36.5
Advances Turnover 2.6 3.9 3.7 3.5 2.8
Advances Days 141.6 93.8 100.0 105.0 130.0
Debtors Turnover 76.3 57.4 38.0 42.9 34.8
Debtors Days 4.8 6.4 9.6 8.5 10.5
Creditors Turnover 4.2 5.7 5.5 6.6 8.1
Creditors Days 86.0 63.9 66.0 55.0 45.0
Valuation Ratios FY09 FY10 FY11 FY12E FY13E
Market Price (`) 174.7 174.7 174.7 174.7 174.7
EPS (`) 5.3 12.1 14.0 12.6 14.3
Book Value Per Share (`) 52.0 61.4 75.1 87.3 101.4
PE ( x) 32.8 14.4 12.5 13.9 12.2
P/BV (x) 3.4 2.8 2.3 2.0 1.7
EV/EBIDTA (x) 15.9 8.8 6.4 5.6 4.9
Market cap/Sales (x) 5.1 2.9 2.1 1.6 1.4
Return Ratios (%) FY09 FY10 FY11 FY12E FY13E
ROCE 8.2% 13.2% 15.8% 13.3% 13.1%
ROE 10.2% 19.8% 18.6% 14.4% 14.5%
Margins (%) FY09 FY10 FY11 FY12E FY13E
PBIDTA 47.1% 49.7% 47.5% 42.8% 41.7%
PBT 21.7% 24.4% 23.6% 17.6% 17.8%
PAT 17.9% 23.7% 19.0% 13.4% 13.6%
Other Ratios FY09 FY10 FY11 FY12E FY13E
Payout Ratio (%) 28.1% 12.4% 10.7% 15.9% 14.0%
Interest Cover (x) 2.6 2.7 2.6 2.2 2.3
EPS Growth (%) 40.1% 127.6% 15.1% -10.1% 13.8%
(E: Keynote Capitals Institutional Research Estimates)
6. IRB Infrastructure Developer Ltd. – Q4FY11 Result Update
Page 6 Keynote Capitals Institutional Research
KEYNOTE CAPITALS LTD.
Member
Stock Exchange, Mumbai (INB 010930556)
National Stock Exchange of India Ltd. (INB 230930539)
Over the Counter Exchange of India Ltd. (INB 200930535)
Central Depository Services Ltd. (IN-DP-CDSL-152-2001)
4th Floor, Balmer Lawrie Building, 5, J. N. Heredia Marg, Ballard Estate, Mumbai 400 001. INDIA
Tel:- 9122-2269 4322 / 24 / 25 • www.keynotecapitals.com
DISCLAIMER
• This report has been prepared and issued by Keynote Capitals Limited, based solely on public information and sources believed to be reliable.
• Neither the information nor any opinion expressed herein, constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any
options, futures or other derivatives related to such securities and also for the purpose of trading activities.
• Keynote Capitals Limited makes no guarantee, representation or warranty, express or implied and accepts no responsibility or liability as to the
accuracy or completeness or correctness of the information in this report.
• Keynote Capitals and its affiliates and their respective officers, directors and employees may hold positions in any securities mentioned in this
Report (or in any related investment) and may from time to time add to or dispose of any securities or investments.
• Keynote Capitals may also have proprietary trading positions in securities covered in this report or in related instruments.
• An affiliate of Keynote Capitals Limited may also perform or seek to perform broking, investment banking and other banking services for the
company under coverage.
• If ‘Buy’, ‘Sell’, or ‘Hold’ recommendation is made in this Report, such recommendation or view or opinion expressed on investments in this Report
is not intended to constitute investment advice and should not be intended or treated as a substitute for necessary review or validation or any
professional advice. The views expressed in this Report are those of the analyst which are subject to change and do not represent to be an
authority on the subject. Keynote Capitals may or may not subscribe to any and/ or all the views expressed herein.
• The opinions presented herein are liable to change without any notice.
• Though due care has been taken in the preparation of this report, Keynote Capitals limited or any of its directors, officers or employees shall be in
any way be responsible for any loss arising from the use thereof.
• Investors are advised to apply their judgment before acting on the contents of this report.
• This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Keynote Capitals Limited.
Institutional Equity Team
Rakesh Chaudhary (CEO ) rakesh@keynotecapitals.net +91 22 30266034
Analysts / Associates
Denil Savla denil@keynoteindia.net +91 22 3026 6073
Deepak Kolhe deepak@keynotecapitals.net +9122 3026 6084
Rohan Admane rohan@keynoteindia.net +91 22 2269 6059
Rajesh Sinha rajesh@keynotecapitals.net +91 22 30266088
Mamta Singh mamta.singh@keynotecapitals.net +91 22 3026 6057
Technical Analyst
Sanjay Bhatia sanjay@keynotecapitals.net +91 22 3026 6065
Dealing / Sales
Nilesh Dhruv nilesh@keynoteindia.net +91 22 3026 6040
Nisha Sharma nisha@keynoteindia.net +91 22 3026 6057