We expect IVRCL to continue with its poor performance for the quarter. On the revenue front, it is expected to post a modest growth of 3.4% yoy to Rs. 1,249cr on the back of slowdown in execution. We expect the EBITDA margin to contract by 208bp yoy to 8.2%. The company is expected to post a bottom-line loss of Rs. 3cr vs a loss of Rs. 6cr in 5QFY2012, primarily on account of slowdown in execution and higher interest costs for the quarter. We maintain a Neutral rating on the stock.
