FY10 Revenues, above our expectations: IVRCL has clocked a 16% YoY growth in top-line at Rs18.8bn in Q4FY10 as against our expectations of Rs18.4bn. EBITDA margins at 10.3% was above our estimates. PAT at Rs852m increased by 32% YoY (adjusted to tax rate), a tad lower than our expectation of Rs861m. For FY10, the revenues stood at Rs55bn, an increase of 12.2%, while the EBITDA margins were at 9.4%, an improvement by 78bps YoY. The company has lost close to Rs12bn in the FY10 turnover on account of Andhra Pradesh and Madhya Pradesh related orders. PAT increased by 16.7% YoY (adjusted to tax rate) to Rs2.1bn...

To read full research report you can refer to:
http://www.dsij.in/productattachment/BrokerRecommendation/IVRCL%20Infra.pdf

Source: Dalal Street Investment Journal
www.dsij.in