views of Mr. Viral Shah(Sr. Research Analyst-Infrastructure, Angel - TopicsExpress



          

views of Mr. Viral Shah(Sr. Research Analyst-Infrastructure, Angel Broking): L&T has bagged Rs.1,100cr Hydrocarbon Projects in GCC “For 3QFY2013, Sadbhav Engineering (SEL) reported a disappointing poor set of numbers, which were significantly below our and consensus estimates. On the top-line front, SEL reported a revenue decline 51.3% yoy to `353cr which was significantly below our and street estimate by 53% and 40% respectively. This dismal performance has been owing to slower execution pace in remaining under construction projects. On the margin front, the company posted EBITDAM of 9.4% a dip of 200bp on yoy basis and was lower than our estimate of 10.3%. Interest cost grew by 28.2% yoy/17.1% qoq to `21cr and was in line with our estimate. On the bottom-line front, company’s PAT reported a decline of 91.1% yoy to `4cr in 3QFY2013 against our estimate of `38cr. This was mainly due to lower-than-expected revenues and higher interest expense during the quarter. At CMP, the stock is trading at P/E and P/BV of 13.7x and 1.7 FY2014 earnings.”
Posted on: Mon, 07 Oct 2013 11:39:18 +0000

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