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Sadbhav Engineering - Execution improvement in sight - Edelweiss
Posted On : 2013-02-21 22:43:32( TIMEZONE : IST )
Delays in securing clearances for road projects once again hurt Sadbhav Engineering (SEL) earnings. Q3FY13 revenues, at INR3.5bn were down 51% YoY as execution on projects won last year remained a non-starter.
While operating margins were flat sequentially, surging debt levels (INR6.1bn against INR4.9bn at FY12 end), due to mobilisation on BOT projects, led to rising interest costs impacting PAT, which at INR37mn, was down 91% YoY. On the positive side, the order intake which was a concern has improved (order book up 10% QoQ); also receipt of clearance on road projects is likely to speed up execution in FY14E.
We believe the stock performance will be determined by the execution of the new projects. We maintain 'BUY' with a revised SOTP-based TP of INR142/share (earlier at INR161).
