Entry Price: Rs.308
Target Price: Rs.408
EPS: 24 (FY10E)
P/E: 13 on FY10E EPS
Time Duration: At least one year
Rationale: IVRCL has one of the best prequalifications in the water and irrigation segment, which is evident from the fact that it bagged projects worth Rs.16 billion out of projects worth Rs.40 billion awarded by Narmada Valley Development Department. Moreover, the company has a healthy book to bill ratio of 3x FY09E. Even its current order book stands at Rs.149 billion implying a book to bill ratio of 2.7 times of FY 2010 revenues.
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Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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