"For 2QFY2013, Simplex Infrastructures (Simplex) reported a modest set of numbers with revenue coming in line with expectations but owing to better-than-expected EBITDAM, earnings were higher than estimates. At the end of the quarter, the company's order book stood at Rs15,230cr (2.4x trailing revenue). Simplex witnessed an order inflow of Rs1,092cr for the quarter which was boosted by the road segment (accounting for 41% of total order inflows)."
"On the top-line front, company reported a muted growth of 5.7% yoy to Rs1,398cr which was 1.6% higher than our estimate. Revenue contribution from domestic and overseas operations stood at 86% and 14%, respectively, for 1HFY2013. On the operating front, EBITDA margin dipped by 99bp yoy to 8.5% in 2QFY2013 (9.5%) and was above our estimate of 8.1%. Interest cost came at Rs69.0cr (was in line with our estimate), indicating a growth of 35.4% yoy. Adjusted PAT declined by 50.4% yoy to Rs12.0cr and was ahead of our estimate of Rs10cr respectively."
"Simplex has been performing well on the revenue front since the last four consecutive quarters and has a strong order book (Rs15,230cr 2.4x trailing revenue). However the management has given a guidance of 10-15% on the revenue front for FY2013 owing to the macro challenges faced by the sector. Going forward, given the current order book mix, we estimate Simplex to report a revenue and PAT CAGR of 15.9% and 36.2% respectively over FY2012-2013. We maintain our Buy rating on the stock, with a target price of Rs251 per share, valuing the company at 8x FY2014E earnings," says Angel Broking research report.
Non-Institutions holding more than 90% in Indian cos
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