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Equity Research Report On GMR Infrastructure Limited
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The roads projects help the company to improve their margins. and worldclass airports at Delhi.41% 75. The biggest growth driver is going to be the airport business.16% Recommendation The company has performed very well although constrain on the margin. Lower naphtha prices and higher gas availability is further likely to benefit the company. At Current Market Price of INR 143. GROWTH (%) REVENUE PROFIT Last Qtr.60 Book Value Per Share: 31.69 Crore Outstanding Shares: 182. The future growth is expected to come from power and airports.00 Beta: 1.00 with a medium to long term investment horizon. 1. Even SEBI is contemplating making mandatory for companies to split their stock price and bring it to the level of INR 1.hemonline. which we expect to be on track in the near future.www. The company’s efforts to add new airlines.100 crore state highway project in Tamil Nadu GMR Infrastructure Limited has bagged the Chennai Outer Ring Road th project in Tamil Nadu for INR 1.046. CAGR -10.00 Upside: 71.03 BSE Code: 532754 Face Value Per Share: 2.30 st 31 August 2009 st BUY Industry: Infrastructure NSE Code: GMRINFRA Target Price: 214.05 183. For Private Circulation Only 1 Hem Institutional Research Desk .05 we reiterate “BUY” on the stock with target price of INR 214.46% EPS ANALYSIS Highlights/Recent Updates GMR Infrastructure to split its shares in the ratio of 1:2 The company has received approval from the board to spit the equity shares of INR 2 each into two equity shares of INR 1 each.39% 7. Hyderabad and Istanbul. We are very positive on the long term business prospects of the company and financial performance. Turkey and the company had recently bought 50 per cent stake in Intergen.100 crore.com BROKING | DEPOSITORY | DISTRIBUTION | FINANCIAL ADVISORY GMR Infrastructure Limited Market Cap: 26.00 GMR INFRA BUSINESS DESCRIPTION GMR Infrastructure Limited is one of the leading infrastructure conglomerates in India having proven track record in the development and operation of power plants.67% 29.08% 38. 4 Yr. The company has already won the contract for the expansion of the Sabiha Gokcen airport in Istanbul. STOCK PERFORMANCE GMR SENSEX 1m 2. It offers business operations through its subsidiaries in various sectors i.50 /45.06 Crore Price as of 31 August: 52 Week Range: 143. The company has planned the split to enable more small investors to buy the stock.48% -82. Last Yr. as the margin from roads projects is highest. increase the user development fee and other aero charges will increase revenue. airports. GMR Infrastructure Seeks Acquisitions GMR Infrastructure is looking for acquisitions in West Asia and Europe. road projects. It is 8 road project and first state highway project bagged by the company’s Highways division since 2001.00% 12m 40. energy.14% 39.35% 9. highways and urban infrastructure and others. GMR bags Rs.e.
sub-prime was the main reason for the downward movement in the economic growth in the recent time. by a cumulative 425 basis points. It is a massive amount of spending for the current financial year and the government official expected the fiscal deficit to be 5. we feel the fiscal deficit to be higher than the expected by the government. Nevertheless.83 per cent on the budget day itself. It will leads to growth for Infrastructure Companies. The rapid fall in wholesale price inflation (WPI) over the past three quarter has given the RBI the flexibility to cut interest rates. The government took initiative in terms of tax relief.75 per cent. the government has planned a spending of around $ 200 billion for the current financial year. We expect further cut in the repo rate by around 50 basis points.www. The stock market lost 5. For Private Circulation Only 2 Hem Institutional Research Desk . to 4. The stock market lost 5. The Union budget fails to meet the expectation. in the next few months. It has been effective in arresting the fall in the GDP growth rate as compare to last year. from 9 per cent to 4. Last month the union budget rolled out but it fails to meet the expectation. RBI will remain cautious about monetary easing. in the next few months. U. Increase in primary demand clubbed with stable government has built a strong confidence in the mind of investor. both direct and indirect.com Indian Economy: An Overview Indian Economy is among one of the fastest growing economy in the World.hemonline. The GDP growth has clocked an average of 9 per cent over the least three years preceding financial year ended 2009. The RBI has lowered the repurchase (repo) rate six times since October 2008. since the fall in bond yields that has occurred over last few months indicates that there is more liquidity in the system. the government took several steps to fight against the slowdown. if we take a close look on the budget. It has been effective in arresting the fall in the GDP growth rate as compare to last year. Recently we have experienced few positive signs that indicate the recovery of the economy. we can call it as a common man’s budget.25 per cent. through refinancing options offered by India Infrastructure Finance Company Limited (IIFCL). from 9 per cent to 4. increase in expenditure on public projects along with different fiscal and monetary policy.S. We expect further cut in the repo rate by around 50 basis points.25 per cent. the Reserve Bank of India has responded vigorously by boosting liquidity and loosening monetary policy.83 per cent on the budget day itself. The government took initiative in terms of tax relief. The government also took steps to enhance the final consumption by the means of marginal increase in certain tax exemption threshold and removal of surcharge on personal income tax. The government has increased the spending in the infrastructure. by a cumulative 425 basis points. Even the government has offered tax breaks in oil and gas sector. Indian Economy is among one of the fastest growing economy in the World. However.5 per cent for the current year. In the budget. The government has already announced a number of stimulus packages that have wrecked its plans for fiscal consolidation. support to financial institutions. increase in expenditure on public projects along with different fiscal and monetary policy. the ever-worst slump on the budget day. However. The RBI has lowered the repurchase (repo) rate six times since October 2008. to 4. To fight against the global economic crisis. etc. At the same time. the ever-worst slump on the budget day. The GDP growth has clocked an average of 9 per cent over the least three years preceding financial year ended 2009.75 per cent.
And in order to sustain a high growth rate in economic development. Assets include transportation structures (roads. This is in addition to the $ 320 billion that the government plans to invest for the upgradation of ports. The government is targeting an investment of around $ 20 billion over the next two years in the infrastructure sector. These assets include transportation structures (roads. airports. Infrastructure Industry is an essential part of any economy. airports) energy & utility companies. bridges. regions within India differ in terms of infrastructure availability and this gap can potentially widen. A recent release state that most of the industries are running at around 90 per cent of the capacity utilization levels. infrastructure alone has to register a growth of more than 9 per cent as compare the ~6 per cent in the last year. which is nearly double the amount disbursed by it during 2008-09. government entities own the majority of these facilities. facilities. The government has asked the Infrastructure Investment Finance Company Limited (IIFCL) to put together a corpus of over $ 8 billion for this purpose. IIFCL plans to provide $ 1. and networks that provide essential services to the public. airports) energy utility companies communication entities social services (educational facilities and hospitals) For Private Circulation Only 3 Hem Institutional Research Desk . Hence. The planning commission has estimated an investment of $ 500 billion th during the 11 Five-year plan period (2007-2012) for the addition in infrastructure for the enhancement of roads. There is a direct strong correlation between the infrastructure growth and GDP of the country. railroads.www. The simplest meaning of infrastructure says that anything that forms the core of the functioning of any country is infrastructure. bridges. Infrastructure assets are physical structures facilities and networks that provide essential services to the public.2 billion for infrastructure projects during 2009-10. there should be a continuous investment in infrastructure.Leading to the ultimate growth of the Economy Infrastructure Industry . railways. India is among one of the fastest growing economy in the world. The demand for infrastructure is certainly very big. ports.hemonline. The scheme aims to take up infrastructure projects under public-private partnership (PPP) with minimal private investment. highways and airports over the next 15 years. depending upon state-specific economic and policy environment. railways. etc. Even the new government has underlined its commitment to promote growth in Infrastructure. tunnels. Infrastructure assets are the physical structures. tunnels. highways. leaving little room for further increase in production levels without further fresh investment for capacity addition.An essential part of any economy. For India to maintain the same growth rate in the future. Anything that forms the core of the functioning of any country is infrastructure. communication entities and social services such as educational facilities and hospitals. India’s GDP has registered an average growth rate of 9 per cent over the last three years proceeding the financial year 2009. While some of these assets are owned by the private sector. Further. there is an urgent need to expand the capacity so that it may not act as a bottle neck to further economy growth.com Infrastructure Industry .
The company has its operations in the various regions across India. highways and urban infrastructure and others. Spain. coal and hydro HIGHWAYS 4 annuity and 4 toll roads 5 roads operational Construction of 1 toll road completed in May 2 Road projects under construction Annuity 285 kms Toll 347 kms URBAN INFRA Aerotropolis Development Monetized 2. an increase of around 48 per cent over 2008. Roads construction provides a very little revenue but it contributes the highest in terms of margin. was incorporated in 1996 and is headquartered in Bangalore. balance ~30 million sq. Power and Airport provide the major revenue to the company.019.com COMPANY OVERVIEW GMR INFRA .e. Further. GMR Infrastructure Limited is a holding company. formerly known GMR Vasavi Infrastructure Finance Limited. airports.THE POWER OF DIVERSIFICATION GMR Infrastructure Limited is one of the leading infrastructure conglomerates in India having proven track record in the development and operation of power plants. as well as develops airport infrastructure facilities. ft. The company. and Turkey. The company recorded revenues of INR 4. commercial land at Delhi.000 acres at Hyderabad Plan to develop 3.hemonline. The company's operating profit was INR 687. the company offers carbon ferro chrome. HIGHLIGHTS AIRPORT Delhi and Hyderabad Operates two of India’s largest airports . Hyderabad and Istanbul.050 MW 8 projects under development 4. ft. It also develops expressways and urban infrastructure of special economic zones. and world-class airports at Delhi. an increase of around 29 per cent over 2008. Punjab.www. In addition.300 acres of multi-product SEZ For Private Circulation Only 4 Hem Institutional Research Desk . which conducts all its business operations through its subsidiaries in various sectors i. which include Andhra Pradesh. road projects. The company involves in power generation business. energy. an increase of more than 75 per cent over 2008.38 crore in fiscal year 2009. available 305 room airport hotel at Hyderabad 1. extra low phosphorous ferro chrome. Orissa. India. as well as the modernization of Delhi Airport. Karnataka and Tamil Nadu. increasing to 72 million PAX by 2010 Aerospace & cargo SEZs at Hyderabad with 500 acres development potential ENERGY Power generation 3 operational projects (823 MW) Financial closure of additional 1. including the Green field International Airport at Hyderabad. the company is also engaged in agri-business with sugar as its main product line.22 crore in the fiscal year ended March 2009. through a joint venture with Airport Authority of India. Its net profit was INR 259.27 per cent traffic share (29 million PAX) Current capacity of 38 million PAX. Hyderabad and Delhi airports together account for about 27 per cent of airline passenger traffic.69 million sq. the UK.61 crore in fiscal 2009.180 MW Diversified fuel mix of gas.
thermal and natural gas). Coal Assets To secure fuel supply for energy business. However.hemonline. The company has opened two regional offices in Turkey and Singapore. the company was awarded the contract to modernize. Indonesia having mine life of approximately 25 years. To give a boost to power generation.. restructure.4 per cent per annum over the last ten years. International Business The company has set up International division to serve Energy and Airport sectors.34 per cent stake in Homeland Energy Group (HEG).www. the economy has recovered and the forthcoming Commonwealth Games in 2010 will helps to drive traffic growth again. PT BSL.V. BUSINESS SEGMENT Airports sector GMR Infrastructure ventured into airport development at the time when the Government invited bids for constructing a world class Greenfield airport at Hyderabad in a Public-Private partnership model. We have seen a double-digit growth in passenger as well as freight traffic over the last few years except the financial year 2009. Several steps were taken to attract private sector investments. and failed to keep up with the demand growth. Energy sector The company is a prominent contributor to the Indian power sector through various projects across various fuel types (hydro. the Indian government introduced the first wave of reforms in the power sector in 1991. one of India’s busiest international airports. The company has also acquired 33. Even the company has acquired a 50 per cent stake in InterGen. The recent slowdown of the economy has an impact in the number of passenger as the corporate curtails there extra expenditure on conveyance. The company has a 40 per cent stake for the construction of Sabiha Gokcen International Airport. For Private Circulation Only 5 Hem Institutional Research Desk .a gas based 800 MW private power utility. which can lead tremendous growth in the aviation sector. The key drivers for growth of the sector are: Robust growth of the economy Expansion in network of low-cost airlines India emerging as a global hub for manufacturing as well as services India emerging as a popular international tourist destination Large number of people of Indian origin residing abroad The Indian civil aviation sector has registered robust growth in passenger and freight traffic in the past few years. leading to a situation of persistent power outages. It has established three operational power plants and is currently developing eight power projects. the company has acquired 100 per cent stake in a coal mine. the responsibility for generation. the 181 km Hyderabad . transmission and distribution of power in India rested only on the central and state governments. a leading global power generation company. The current focus of property development is to develop an aerotropolis around the Delhi and Hyderabad International Airports. The Group has recently won two road projects. The changes in living standard and life style have also added further demand. The entry of nofrills (low cost) airlines has leads to increase in demand. has 7700 MW of gross operating capacity across five countries and an additional 2800 MW capacity under development. Urban Infrastructure The company has also setup an urban infrastructure division which in primarily into Special Economic Zones (SEZs) and property development around company infrastructure assets. It capitalized on the private investment policy of the Government in constructing.Vijayawada project in Andhra Pradesh on toll basis and 29 km Chennai Outer Ring Road state project in Tamil Nadu on annuity basis. Historically. Power generation capacity grew at about 4. InterGen N. developing and managing power plants. Energy sector reforms have evolved over time and created an environment for private players to capture significant value from the huge demand for power in India. The company also acquired 100 per cent ownership stake in Island Power Singapore . operate and manage the Delhi airport. like assuring attractive returns on investments.com There is a huge untapped potential. Highway It is a leading developer and operator of highways business in India and holds concessions for six highway projects measuring a total length of around 421 km. Later.
In fact.65.70 percent in telecommunications 12. from the current level of around 6 per cent.304 rural habitations Infrastructure . 345 million MT in Minor Ports Modernisation and redevelopment of 21 railway stations Developing 16 million hectares through major. For any economy.hemonline.40 per cent in railways 28.10 per cent among others For Private Circulation Only 6 Hem Institutional Research Desk . Infrastructure always plays an important role not just for the growth of the particular industry but also for other industries. National Maritime Development Programme among others. The government has enacted many proactive measures like opening up a number of infrastructure sectors to private players. According to a recent release. medium and minor irrigation works Modernisation and redevelopment of 4 metro and 35 non-metro airports Six-laning 6.www.000 MW Constructing Dedicated Freight Corridors between Mumbai-Delhi and Ludhiana-Kolkata Capacity addition of 485 million MT in Major Ports. and renewing and upgrading existing 1.500 km of Golden Quadrilateral and selected National Highways Constructing 1. infrastructure helps to fight and to curb against the slow down in the economy. the government across the world has realized the need for the hike in the infrastructure spending as a mean for economic growth. taking up new projects like the National Highway Development Project. permitting FDI into various sectors.244 km of new rural roads. Infrastructure can be defined as a unique risk and return characteristic which has more of stable cash flow and relatively lesser dependence on economic cycles as compared to other sector. Infrastructure growth is a key for achieving a long term economic growth rate. About 30 per cent of the total investment is expected to come from the private sector (including public-private partnership).000-MW hydro power generation capacity during the 12th (201217) and 13th (2017-22) Plans Additional power generation capacity of about 70.92.A central theme of today’s growing environment. Some of the projects planned for the next five years include: 40. A massive amount of around $ 500 billion of investment is proposed for the eleventh plan period (2007-12).40 per cent in roads and bridges 13.com Why Infrastructure & Energy…??? Infrastructure is clearly the central theme of today’s growing environment.40 per cent in electricity 15.464 km covering 78. The recent slowdown of the overall Indian economy seems to back again on growth track. The GDP growth has clocked an average of 9 per cent over the least three years preceding financial year 2009. Government as underline their commitment for the growth in the Infrastructure industry The projected sector wise shares stand as 30. Even the new Government as underline their commitment for the growth in the Infrastructure industry. the spending in infrastructure need to be increased to 9. introducing model concession agreements. For India to achieve the same level of growth.5 per cent of the GDP by the 2011-2012.
Economic. Power production Reliability Factor Social Factors Reliability Factor For any infrastructure company. Safety is the key as infra are meant for public. just food. In India. Public-Private Partnership Public-Private Partnership The government has planned for 30 per cent of the total investment in th the 11 Five-year plan to be invested through the private players. The quality. clothes and shelter is not the basis needs but education. reliability is utmost important because infrastructure assets are used by vast community. The total investment opportunity is around $ 150 billion over a 5 year horizon.com PEST Analysis PEST ANALYSIS PEST analysis of any industry investigates the important factors that affect the industry and influence the companies operating in the sector. timeliness and cost are the most important advancement due to technology. PEST stands for Political. Economic Factors Growing Economy Growing Economy Indian economy has registered a growth of more that 9 per cent for last three year preceding the financial year 2009.hemonline. The government major concern is to fight against the slowdown of the economy growth rate.15 billion for infrastructure project. power and infrastructure has also became a part of basis need. still most of the rural areas don’t have power supply. The different yojna sponsored by the government is to increase the production of power which will leads to overall enhancement of standard of living. For Private Circulation Only 7 Hem Institutional Research Desk . Power production Now a days. and has accepted to increase the spending in infrastructure to climb up the growth of 9 per cent. IIFCL will provide $ 1. Advance Technology Technological Factors Advance Technology Technology advancement has changed the face of almost all industry. Infrastructure is also among the list. It provides an opportunity to corporate. the government has planned to put together a corpus of over $ 8. which is nearly double the amount disbursed by it during 2008-09. The PEST Analysis is a tool to analyze the forces that drive the industry and how those factors can influence the industry. Huge Capacity additions have been planned in power th generation in 11 Five Year Plan to the tune of 79 GW as against 135 GW currently installed.2 billion for infrastructure projects during 2009-10.www. Social and Technological analysis. Political Factors Budget allocation Budget allocation Through Infrastructure Investment Finance Company Ltd (IIFCL).
If any further strike happens. The private players are facing problems in operating due to low margin. At the same time. The company has balanced revenue which provides the company a safety of margin against any uncertainty to specific industry risk. th called off the strike. which was been decided for 28 August 2009. it will have a direct impact on the company revenue. debt at higher interest rates will lead to subdued in the company margins.300 per international passenger for next three years departing from the Delhi Airport. Excellent Track Record Strong Competencies across all Stages of the Project Life Cycle Strong management Weaknesses Financial Leverage Financial Leverage The company debt to equity ratio has increased in the current year. as these projects are highly levered. for a discussion.Huge requirement of funds and failure to secure could dampen the revenues The company has a huge capital requirement for different project.hemonline. into high borrowing cost. The further requirement of cash could leads to high debt. Opportunities Airport Development Fees Airport Development Fees The government has allowed to charge an Airport Development Fee (ADF) of INR 200 per domestic passenger and INR 1. Issue with the carrier owner and the government Investment Concerns For Private Circulation Only 8 Hem Institutional Research Desk . which helps to company to get different projects. Strong Competencies across all Stages of the Project Life Cycle The company has a strong knowledge and competencies across all stages of the Project Life Cycle. which will ultimately result. Investment Concerns . Threats Issue with the carrier owner and the government The private carrier owner.com SWOT ANALYSIS Strengths Balanced diversification in different segment Balanced diversification in different segment The company has diversified their services to different sector. whose market share is around 70 per cent. Excellent Track Record The company has an excellent and continuous track record for executing the project before the scheduled deadline. Strong management The company management team consists of strong experienced team backed by strong Global Partnership.www.
As the interest rate has given a relief. which stands at INR 2294.com FINANCIALS The company has registered a continuous and significant growth in both top line and in bottom line.Quarterly The company has registered a decline of ~10 per cent in top line as compare to last quarter but a growth of ~34 per cent as compare to June quarter last year. The overall quarterly performance was on a lower side.22 crore that has registered a growth of more than 75 per cent over the last year. The company has reported a decline net profit that was mainly due to high depreciation and interest expense. The company has recently reported net revenue of INR 4019.78 crore.hemonline. The top line has grown over 75 per cent in the last year. Higher depreciation and interest expense has resulted in poor margin. Income Statement . the company is expected to meet to margin in the next quarter. Although the GP margin was in line but NP margin was very less. The company has registered a decline in the margins as compare to the last year.www. For Private Circulation Only 9 Hem Institutional Research Desk . which was mainly because of higher input cost.Annual The company has registered a robust growth rate over the past few years. Income Statement . The company will be able to maintain it margin as the input cost has ease.
although for last FY the cash from operation was quit low mainly due to rise in Accounts receivable and decrease in accounts payable. For Private Circulation Only 10 Hem Institutional Research Desk . the company has invested a huge amount in the Property. Even the depreciation for the current year ended has surge a lot. due to requirement of cash. The company.hemonline. Plant and equipment. Cash Flow The company has continuously reported positive cash from operations. Balance Sheet Recently.com FINANCIALS The corpus cash of around 2500 crore will be utilized by the company as it has many projects in line.www. has issued Long-Term Debt to meet to cash requirement.
05 per cent has been pledge by the promoters of the company.91 per cent. For Private Circulation Only 11 Hem Institutional Research Desk .hemonline.www.com SHARE HOLDING Share Holding Pattern for the last 3 years GMR Infrastructure Limited has informed BSE that 10. Graphical presentation of Share Holding Pattern Total promoter holding stands at around 75 per cent of the total outstanding share of the company. Pledged-O-Meter (Encumbered Shares) The promoter has pledge around 13. Total promoter holding stands at 74.51 per cent of total shareholding of promoter and promoter group.91 per cent of the total outstanding share of the company. 10. Out of 74.05 per cent of total share of the company has been pledge.
000 MW capacity at eight different locations in India.ROAD AHEAD Advantage India . The company’s efforts to add new airlines. Fiscal incentive Zero customs duty on import of capital goods for Mega Power Projects Income tax holiday for generating plants for 10 years Section 80-IA benefit extended till March 2011 Union Budget 2009 has proposed extension of Sec 80-IA benefit to Power utilities (generation. transmission and distribution) by one more year. extended now to March 2011. The company is targeting to complete all its remaining road projects by this year-end. NHAI allocation has been increased to INR 1. Full development of the Delhi airport will give a boost to the airports business in the long term. Leading Indian Infrastructure Player: Over INR 500 billion Investments planned over next five years PPP model to play significant role in the Infrastructure sector Broad Based Infrastructure player & strong track record Significant presence across high growth sectors like Airports. Impact of Union Budget Fiscal incentive Section 80-IA benefit extended till March 2011 Leading Indian Infrastructure Player: Broad Based Infrastructure player & strong track record Significant Growth Opportunities Power Business Airport Business For Private Circulation Only 12 Hem Institutional Research Desk .Foreign Direct Investment (FDI) 100 per cent FDI is allowed in all segments of power sector including trading Impact of Union Budget Infrastructure Investment Finance Company Limited (IIFCL) will refinance 60 per cent of commercial banks loans for PPP projects with INR 1 lakh crore investments over the next 15-18 months. Hyderabad airport is already operational.hemonline. Both of the above steps has a positive impact on the company performance. Power and Roads Initiative to diversifying into new business segments Extensive experience of Developing and Executing projects Established a Reputation of Reliability and Timely Project completion Significant Growth Opportunities Plans to tap into new opportunities in India and Abroad in the infrastructure space Power Business Growth is expected to come from after financial year 2011 due to an additional 5.www. increase the user development fee and other aero charges will increase revenue.Foreign Direct Investment Advantage India .com KEY TAKEAWAYS FOR THE INVESTOR . Lower naphtha prices and higher gas availability is further likely to benefit the company. Airport Business The biggest growth driver is going to be the airport business.42 lakh crore. The extension of the benefit has a positive impact on the company. The benefit was hitherto available for the projects commissioning before March 2010.
Hyderabad and Istanbul. increase the user development fee and other aero charges will increase revenue. According to DCF valuation methodology. The company’s efforts to add new airlines. GMR Infrastructure Limited is one of the leading infrastructure conglomerates in India having proven track record in the development and operation of power plants.www. We are very positive on the long term business prospects of the company and financial performance. We reiterate “BUY” on the stock with target price of INR 214. the price of the stock is undervalued at current level of INR 143. For Private Circulation Only 13 Hem Institutional Research Desk . Lower naphtha prices and higher gas availability is further likely to benefit the company.com KEY TAKEAWAYS FOR THE INVESTOR . Full development of the Delhi airport will give a boost to the airports business in the long term.hemonline. road projects. The biggest growth driver is going to be the airport business.00. The influx in the number of passengers due to the Commonwealth Games in 2010 will helps to drive traffic growth and will also lead the company to resister a huge growth in the revenue.ROAD AHEAD OUTLOOK The company is able to generate positive Cash Flow from Operation. The Upside for the stock is INR 71. We expect the company to register around 60 per cent growth in airport revenue for the next financial year.000 MW capacity at eight different locations in India. which we expect to be on track in the near future.05. The company has performed very well although constrain on the margin. The company has a target to complete all its remaining road projects by this year-end. The roads projects help the company to improve their margins.00 with a medium to long term investment horizon. The future growth is expected to come from an additional 5. and world-class airports at Delhi. Hyderabad airport is already operational. as the margin from roads projects stand at mote than 70 per cent.
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