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IRB Infra - Q1FY14 Result Update - Kotak
Posted On : 2013-08-11 23:00:53( TIMEZONE : IST )
- Revenues of the company for Q1FY14 reported a growth of 4.9% YoY and was impacted by slower growth in EPC revenues.
- EPC business margins continued to surprise on the upside and led to improvement in overall operating margins on yearly basis on a consolidated basis.
- Net profit reported a decline of 5% YoY for Q1FY14 but stood better than our estimates led by better than expected revenues and margins. We expect profit for FY14 to drop due to commissioning of three projects and corresponding increase in depreciation and interest charges.
- We tweak our estimates and valuation parameter to factor in slowdown in order inflows as well as higher cost of equity for BOT projects and continue to maintain BUY recommendation on the stock with a revised price target of Rs131 (Rs 180earlier) based on sum of the parts valuations on FY14 estimates.
