Pratibha Industries bags Rs 772 cr orders
Shrikant / 09 Jan 2012
Pratibha Industries has announced that it has bagged orders worth Rs 772 cr in the Building and Water Management divisions. Its total order book stands at Rs 6568 cr as on Dec 30, 2011, while the total orders inflow in FY12 till Dec 2011 are worth Rs 3350 cr.
Name Of Entity
Order Value
Completion Period
Rustomjee Realty
153
26
Tata Housing Development Co.
136
27
Gujarat Water Infrastructure
403
12
Dhaka Water Supply
80
12
Total
772
--
These new orders comprise 2 orders each in the Building and the Water divisions. The Water division order comprises 1 order from Bangladesh worth Rs 80 cr, and is required to be completed in the next 12 months.
Even though the order inflows are good, the performance of the scrip has not been very robust owing to the current domestic and international economic scenarios. The scrip lost more than 50% in CY 2011 alone.
For the last 3 quarters, the company's EBITDA margins have remained between 13%-14%. For the half year ended Sep 2011, its topline increased by 18% to Rs 669 cr, while the bottomline grew by 17% to Rs 34 cr. Interest payments rose from Rs 30 cr in H1 FY11 to Rs 38 cr in H1 FY12. Its total debt increased from Rs 438 cr in Mar 2011 to Rs 768 cr in Sep 2011, which is a concern given that the RBI is yet to announce a rate cut.
On the valuations front, at the current market price of Rs 39.50, the company is trading at a PE multiple of 5.5x (TTM) to its FY11 EPS. This looks quite expensive as compared to other companies such as Unity Infra, which is trading at a PE of 3x. In our opinion, given the current valuations as well as the economic scenario, it is better to avoid this scrip.
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