IVRCL - 4QFY2013 Result Review - Angel Broking

For 3QFY2013, IVRCL ltd (IVRCL) reported good set of numbers on the profitability front, which were significantly above our and consensus estimates. On the top-line front, the company reported a decline of 6.5% yoy to Rs. 1,494cr, which was slightly lower than our estimate of Rs. 1,520cr. On the operating margins, EBITDAM grew by 252bp/360bp on a yoy/qoq basis to 9.0% in 3QFY2013 and was above our estimates of 8.7%. This was mainly on account of pick up in execution and lower base of last year. Interest cost grew by 100.7%/16.9 on a yoy/qoq basis to Rs. 133cr for the quarter. On earnings front, IVRCL's PAT grew by 22.6% yoy to Rs. 6cr (our estimate was a loss of Rs. 22cr) in 3QFY2013. This was mainly on back of higherthan-expected other income of Rs. 44cr (a jump of 694.4% yoy).

Currently, the Target price and rating is under review. We shall revise our estimates post earnings conference call with the management.

Source : Equity Bulls

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