IL&FS Transportation networks - Result Update - Kotak

IL&FS Transportation networks Ltd (ITNL) posted decent set of numbers with revenues slightly lower than our estimates but margins came quite strong due to increase in toll revenues. Toll revenues reported a jump, while construction work is progressing on schedule in remaining projects.

Based on current order book and portfolio of projects, we expect construction revenues to remain strong while completion of work on under construction projects is expected to increase the toll revenues from FY14 onwards.

We maintain BUY on the stock.

Source : Equity Bulls

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