IRB Infrastructure - E&C out performance continues - BOT disappoints - Emkay

- EBITDA at Rs3.8 bn (+18.4% yoy) higher than estimated E&C EBITDA (Rs 1.64bn v/s est of Rs 1.46bn) - E&C margins at 27.3% v/s exp 24.4%, BOT EBITDA at Rs2.2bn v/s est Rs2.3bn

- Rev at Rs8.45 bn(+14.9% yoy) driven by E&C Rev at Rs 6bn +15%yoy. BOT Rev at Rs2.5bn (+6.7% yoy) v/s exp of Rs 2.6bn. PAT at Rs 1.2bn (+10% yoy) led by lower tax & interest outgo.

- Traffic growth depicting mixed trends. Surat-Bharuch & MPEW delivered 6.4% & 4.2%yoy traffic growth resp. Traffic at Surat-Dahisar see flattish trend, Tumkur-witness -4.4% decline.

- Higher E&C margins in 1HFY13 led to FY13E/14E earnings upgrade by 5%/1%. Ahd-Vadodara to commence operations in Dec-12. Maintain BUY on a FY14 fair value TP of Rs230.

Source : Equity Bulls

Keywords