Embed Size (px)
Citation preview
CMP 191.00
Target Price 216.00
ISIN: INE975601012
MAR 4th
, 2013
IL&FS TRANSPORTATION NETWORKS LTD
Result Update: Q3 FY13
BUYBUYBUYBUY
Stock Data
Sector Infrastructure
BSE Code 533177
Face Value / Div. Per Share 10.00
52wk. High / Low (Rs.) 227.00/156.60
Volume (2wk. Avg ) 11031.00
Market Cap ( Rs in mn ) 35726.25
Annual Estimated Results (A*: Actual / E*: Estimated)
Years FY12A FY13E FY14E
Net Sales 56056.20 69728.25 21499.62
EBITDA 15893.60 21499.62 25573.21
Net Profit 4969.60 5460.07 6062.37
EPS 25.58 28.11 31.21
P/E 7.19 6.54 5.89
Shareholding Pattern (%)
1 Year Comparative Graph
BSE SENSEX IL&FS Transportation Networks Ltd
SYNOPSIS
IL&FS Transportation Networks Ltd (ITNL) is a
surface transportation infrastructure company
and is one of the largest private sector BOT
road operators in India.
During the quarter, the robust growth of Sales
is increased by 18.56% to Rs. 1041 mn.
Revenue for the quarter of ITNL rose 39.10% to
Rs.17644.10 million from Rs.12684.30 million,
when compared with the prior year period.
During the nine months ended Dec.31, 2012 the
group has acquired an additional 3860456
equity shares of North Karnataka Expressway
Ltd as result of which the stake of the Group in
NKEL has been increased from 87.00% to
93.50%.
During the Quarter ended Dec.31, 2012, the
Company incorporated Rapid MetroRail
Gurgaon South Ltd, as a subsidiary.
ITNL has been adjudged and awarded the "Most
Admired Infrastructure Company in Transport"
at the 5th KPMG INFRASTRUCTURE AWARDS
2013.
Net Sales and PAT of the company are expected
to grow at a CAGR of 27% and 11% over 2011
to 2014E respectively.
Peer Groups CMP Market Cap EPS P/E (x) P/BV(x) Dividend
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
IL&FS Transportation Networks Ltd 191.00 35726.25 25.58 7.19 1.29 40.00
Jaypee Infratech Ltd 43.85 61043.60 6.4 6.81 1.06 10.00
Ashoka Buildcon Ltd 203.80 10730.20 23.90 8.53 1.38 0.00
IRB Infrastructure Ltd 116.15 38687.20 7.21 16.14 2.55 18.00
Investment Highlights
Results updates- Q3 FY13,
IL&FS Transportation Networks Ltd. (ITNL) is an
established ISO 9000:2001 surface transportation
infrastructure company & is one of the largest
private sector BOT road operators in India, reported
its financial results for the quarter ended 31 Dec,
2012. The third quarter witnesses a healthy increase
in overall sales as well as profitability on account, an
enhanced Dealers network & robust infrastructural
Support system.
Months DEC-12 DEC-11 % Change
Net Sales 17644.10 12684.30 39.10%
PAT 1041.00 878.00 18.56%
EPS 5.36 4.52 18.56%
EBITDA 4818.80 3504.40 37.51%
The company’s net profit falls to Rs.1041.10 million against Rs.878.00 million in the corresponding quarter
ending of previous year, an increase of 18.56%. Revenue for the quarter rose 39.10% to Rs.17644.10 million
from Rs.12684.30 million, when compared with the prior year period. Reported earnings per share of the
company stood at Rs.5.36 a share during the quarter, registering 18.56% decrease over previous year period.
Profit before interest, depreciation and tax is Rs.4818.80 millions as against Rs.3504.40 millions in the
corresponding period of the previous year.
Expenditure :
Break up of Expenditure Q3 FY13
Rs in mn
Depreciation 219.50
Consumption of Raw Materials 214.80
Employees Cost 876.50
Other Expenditure 2220.90
Purchase of Traded Goods 14.20
Construction Contract Cost 9819.90
Latest Updates
� During the nine months ended Dec.31, 2012, the group has acquired an additional 3860456 equity shares of
one of the subsidiaries, viz., North Karnataka Expressway Ltd (NKEL), as result of which the stake of the
Group in NKEL has been increased from 87.00% to 93.50%.
� During the Quarter ended Dec.31, 2012, the Company incorporated Rapid MetroRail Gurgaon South Ltd, as a
subsidiary.
� IL&FS Transportation Networks Ltd has been adjudged and awarded the "Most Admired Infrastructure
Company in Transport" at the 5th KPMG INFRASTRUCTURE AWARDS 2013.
� IL&FS Transportation Networks Ltd has informed that Intevial Gestao Integral Rodoviaria SA, a wholly
owned subsidiary of Elsamex S.A., a subsidiary of the Company in Spain has been awarded contracts by
Estradas de Portugal (the Roads Development Company of the Government of Portugal) for maintenance of 2
road projects namely, (i) Maintenance of roads in the city of Oporto comprising of 338 lane kms for a period
of 2 years and (ii) Maintenance of road in the city of Lisbon comprising of 431 lane kms for a period of 1 year
aggregating to 769 lane kms effective April 01, 2013.
� IL&FS Transportation Networks Ltd has informed that the Adityapur-Kandra Road, a part of the Jharkhand
Accelerated Road Development Programme of the Government of Jharkhand being implemented by
Jharkhand Road Project Implementation Company Limited, a subsidiary of the Company was inaugurated by
the Chief Minister of Jharkhand and dedicated to the public effective January 01, 2013.
The length of the road is 15.10 km with a 4 lane divided carriageway. The Government of Jharkhand will pay
a semi-annual annuity of Rs. 22.91 crores for the O&M period of 15 years.
� IL&FS Transportation Networks Ltd has informed that the (i) Ranch Ring Road and (ii) Ranchi-Patratu Dam
Road Projects implemented by Jharkhand Road Project Implementation Company Limited, a subsidiary of the
Company under the Jharkhand Accelerated Road Development Programme of the Government of Jharkhand
have been issued a Provisional Completion Certificates by the Competent Authority effective September 21,
2012 and October 12, 2012 respectively. The said projects were completed in a stipulated time.
The Government of Jharkhand will pay a semi-annual annuity of (i) Rs. 58.91 crores for Ranchi Ring Road and
(ii) Rs. 25.07 crores for Ranchi Patratu Dam Road for a period of 15 years.
Company Profile
IL&FS Transportation Networks Ltd. (ITNL) is an established ISO 9000:2001 surface transportation
infrastructure company & is one of the largest private sector BOT road operators in India. It is a developer,
operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization
through commissioning to operations and maintenance. ITNL was incorporated in 2000 by IL&FS, an
infrastructure development and finance company, in order to consolidate their existing road infrastructure
projects and to pursue various new project initiatives in the area of surface transportation infrastructure. In
March 2008, ITNL commenced international operations through the acquisition of Elsamex S.A. ("Elsamex"), a
provider of maintenance services primarily for highways and roads in Spain & other countries.
Since inception, ITNL has been involved in the development, operation and maintenance of national and state
highways, roads (including urban roads), flyovers and bridges in Andhra Pradesh, Delhi, Gujarat, Maharashtra,
Karnataka, Uttar Pradesh, Kerala, Jharkhand and Rajasthan.
Business Activity
The key business activity is the development, implementation, operation and maintenance of surface transport
infrastructure projects.
Project Development and Implementation
ITNL performs a range of project development activities from the conceptualization of projects to commissioning
and commencement of commercial operations.
• Business development & finding opportunities to participate in competitive bidding.
• evaluation and preparation of bids,
• assessment of estimated project costs,
• applications for pre-qualifications and tenders,
• preparation of structural and other designs,
• SPV formation and arranging financing for the project,
• management of logistical and development issues
• Management and supervision of projects during project life cycle.
Business Development and Internal Co-ordination
ITNL has an internally well-regulated management policy governing our strategy on bidding for projects. ITNL
also subscribes to news wires to stay informed on the bids published and local and international government
initiatives. ITNL has set up an international multi-segment footprint spanning road, urban infrastructure and
railways sectors.
� Competitive Bidding
� Bilateral Negotiations
� SPV Formation and Financing
Construction
The construction phase of a toll or annuity road project begins after financial closure is achieved. Our concession
agreements often contain incentives for early completion of a project. The construction phase of a project often
takes between 15 months and three years to be completed. Our concessions typically range from a period of 11
to 32 years, after which they are transferred to the concessioning authority.
Operation and Maintenance
ITNL has project implementation teams located on all Project sites to monitor the roads for maintenance, upkeep
and operations services, as well as user and emergency services.
� In-house Testing Laboratory
ITNL has set up a material testing laboratory in Raipur, Chhattisgarh, certified under ISO 9001:2000, for a
number of project development, construction, operations, maintenance, and tolling activities and to serve as
a testing facility for the materials used in the construction.
� Traffic Information
ITNL maintains several traffic information systems for our road users, including technologically advanced
traffic management systems.
� Accident and Emergency Services
ITNL seeks to meet or exceed internationally accepted safety standards for the management and
maintenance of its Toll Roads. Our accident prevention strategy prioritizes construction, acquisition and
provision of new safety features, such as pedestrian overpasses, concrete barriers, speed limit controls,
improved signals and signage, roadway widening, ambulance response capability, traffic inspection and
removal of dead animals and other obstructions.
� Project Management Information System (PMIS)
PMIS is a web-application designed to be user friendly and provides technologically advanced capabilities,
including project information, to our project teams. PMIS employs both Geographic Information System (GIS)
and Remote Sensing (RS) technology. GIS is licensed by the Company.
Tolling
� Toll collection systems
ITNL typically uses automated toll collection systems at our toll plazas and the level of automation at the toll
plazas are designed based on the type of traffic and volume at the toll plazas.
User Fees
The user fees that ITNL charges the users of our toll roads are set according to the user fee notification provided
as part of the concession agreements.
Financial Highlight
Balance sheet as at March 31, 2012
(A*- Actual, E* -Estimations & Rs. In Millions)
FY12 FY13E FY14E
EQUITY AND LIABILITIES:
Shareholders’ Funds:
Share Capital 1942.68 1942.70 1942.70
Reserves and Surplus 25695.22 31246.74 37406.41
Net worth (a) 27637.90 33189.44 39349.11
Minority Interest 2934.65 3815.05 4959.56
Non-Current Liabilities:
Long-term borrowings 69737.62 118553.95 195614.02
Deferred Tax Liabilities [Net] 2046.51 2742.32 3565.02
Other Long Term Liabilities 2291.01 4307.10 7666.64
Long Term Provisions 750.91 818.49 892.16
Long term liabilities (b) 74826.05 126421.87 207737.84
Current Liabilities:
Current maturities of long-term debt 10525.53 13998.95 18198.64
Current maturities of finance lease
obligations 65.22 71.74 77.48
Short-term borrowings 21930.82 41668.56 77920.20
Trade Payables 11304.42 12434.86 13678.35
Other Current Liabilities 1860.04 2287.85 2745.42
Short Term Provisions 1395.19 1688.18 2025.82
Current Liabilities © 47081.22 72150.15 114645.91
Total (a+b+c) 152479.82 235576.50 366692.41
ASSETS:
Non-Current Assets:
Fixed Assets:
Tangible Assets 1251.63 1376.79 1514.47
Intangible Assets 27612.84 46251.51 73539.90
Capital work-in-progress 195.20 359.17 624.95
Intangible Asset under Development 34812.66 57092.76 90777.49
(d) 63872.33 105080.23 166456.81
Goodwill on consolidation (net) 5265.68 8846.34 14154.15
Deferred tax assets 5.23 7.32 10.40
Other non-current assets 48690.68 81922.32 136564.63
Non Current Investments 3831.91 6974.08 12483.60
Long Term Loans and Advances 7944.32 10327.62 13425.90
(e) 65737.82 108077.68 176638.67
Current Assets:
Current Investments 122.22 161.33 209.73
Inventories 210.10 216.40 222.90
Trade Receivables 8820.13 10036.59 11040.25
Cash and Bank Balances 2837.87 2270.30 3155.71
Short Term Loans and Advances 9198.44 8002.64 7202.38
Other Current Assets 1680.91 1731.34 1765.96
(f) 22869.67 22418.60 23596.93
Total (d+e+f) 152479.82 235576.50 366692.41
Annual Profit & Loss Statement for the period of 2011 to 2014E
Value(Rs.in.mn) FY11 FY12 FY13E FY14E
Description 12m 12m 12m 12m
Net Sales 40488.00 56056.20 69728.25 82279.33
Other Income 785.70 1238.10 1488.88 1712.21
Total Income 41273.70 57294.30 71217.12 83991.54
Expenditure -28939.10 -41400.70 -49717.50 -58418.33
Operating Profit 12334.60 15893.60 21499.62 25573.21
Interest -4980.60 -7282.10 -11381.51 -14568.33
Gross profit 7354.00 8611.50 10118.11 11004.88
Depreciation -614.20 -765.50 -914.48 -1069.94
Profit Before Tax 6739.80 7846.00 9203.64 9934.95
Tax -2242.50 -2457.20 -3652.10 -3775.28
Profit After Tax 4497.30 5388.80 5551.54 6159.67
Minority Interest -120.70 -457.70 -135.17 -145.98
Share of Profit & Loss of Asso -47.80 38.50 43.70 48.68
Net Profit 4328.80 4969.60 5460.07 6062.37
Equity capital 1942.70 1942.70 1942.70 1942.70
Reserves 20449.50 25695.20 31246.74 37406.41
Face value 10.00 10.00 10.00 10.00
EPS 22.28 25.58 28.11 31.21
Quarterly Profit & Loss Statement for the period of 30 June, 2012 to 31 Mar, 2013E
Value(Rs.in.mn) 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13E
Description 3m 3m 3m 3m
Net sales 15795.60 13704.10 17644.10 22584.45
Other income 349.20 423.40 321.20 395.08
Total Income 16144.80 14127.50 17965.30 22979.52
Expenditure -11132.70 -9177.50 -13146.50 -16260.80
Operating profit 5012.10 4950.00 4818.80 6718.72
Interest -2520.10 -2803.90 -2843.90 -3213.61
Gross profit 2492.00 2146.10 1974.90 3505.11
Depreciation -242.00 -178.60 -219.50 -274.38
Profit Before Tax 2250.00 1967.50 1755.40 3230.74
Tax -912.00 -793.70 -654.10 -1292.30
Profit After Tax 1338.00 1173.80 1101.30 1938.44
Minority Interest -93.10 -49.00 3.30 3.63
Share of Profit & Loss of Asso 27.70 34.60 -63.60 45.00
Net Profit 1272.60 1159.40 1041.00 1987.07
Equity capital 1942.7 1942.7 1942.7 1942.7
Face value 10.00 10.00 10.00 10.00
EPS 6.55 5.97 5.36 10.23
Ratio Analysis
Particulars FY11 FY12 FY13E FY14E
EPS (Rs.) 22.28 25.58 28.11 31.21
EBITDA Margin (%) 30.46% 28.35% 30.83% 31.08%
PBT Margin (%) 16.65% 14.00% 13.20% 12.07%
PAT Margin (%) 11.11% 9.61% 7.96% 7.49%
P/E Ratio (x) 8.25 7.19 6.54 5.89
ROE (%) 20.08% 19.50% 16.73% 15.65%
ROCE (%) 16.69% 13.96% 17.32% 18.97%
Debt Equity Ratio 2.46 3.32 2.90 2.57
EV/EBITDA (x) 2.90 2.25 1.66 1.40
Book Value (Rs.) 115.26 142.27 170.84 202.55
P/BV 1.60 1.29 1.08 0.91
Charts
Outlook and Conclusion
� At the current market price of Rs.191.00, the stock P/E ratio is at 6.54 x FY13E and 5.89 x FY14E
respectively.
� Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.28.11 and
Rs.31.21 respectively.
� Net Sales and PAT of the company are expected to grow at a CAGR of 27% and 11% over 2011 to 2014E
respectively.
� On the basis of EV/EBITDA, the stock trades at 1.66 x for FY13E and 1.40 x for FY14E.
� Price to Book Value of the stock is expected to be at 1.08 x and 0.91 x respectively for FY13E and FY14E.
� We expect that the company surplus scenario is likely to continue for the next three years, will keep its
growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of
Rs.216.00 for Medium to Long term investment.
Industry Overview
Infrastructure development in India has contributed majorly in the country's economic transformation and
growth during the last decade. Roads, ports, railways and power are key segments of the infrastructure sector.
Some of the key facts related to the same are-
• Indian Shipping segment, with 187 minor ports and 13 major ports, is spread across nine maritime states
• The Indian Railways network is spread over some 64, 000 km, with 12, 000 passenger and 7, 000 freight
trains plying each day from 7, 083 stations carrying around 23 million travellers and 2.65 million tonnes
(MT) of goods daily
• Indian road network is the second largest in the world with a total length of 4.1 million kilometres (km)
While the Railway Vision 2020 aims to improve the operating ratio to around 75 per cent by 2017 by clocking
year-on-year (y-o-y) growth of 8-10 per cent, Indian ports are estimated to handle 2, 000 MT of cargo by 2020
from the current level of 1, 000 MT.
Moreover, the total investment for the road sector is projected at Rs 9.20 lakh crore (US$ 167.55 billion) during
the Twelfth Plan (2012-17), of which the Central and States would contribute Rs 3.58 lakh crore (US$ 65.19
billion) and Rs 2.66 lakh crore (US$ 48.44 billion), respectively, representing about 68 per cent of the total
investment. Meanwhile, the private sector is anticipated to account for 32 per cent or Rs 2.94 lakh crore (US$
55.6 billion) of the total investment.
Facts and figures pertaining to these sub-segments are discussed in detail hereafter-
Roads
The Indian Government awarded projects for construction of 7, 900 km of highways in 2011-12 while Dr
Manmohan Singh, the Prime Minister of India, has set a target to build 9, 500 km of national highways in 2012-
13.
Foreign direct investment (FDI) received in the sector construction activities (including roads and highways)
during April-September 2012-13 stood at US$ 644 million, according to statistics released by Department of
Industrial Policy and Promotion (DIPP).
Railways
The Indian Railways network is spread over some 64, 000 km, with 12, 000 passenger and 7, 000 freight trains
plying each day from 7, 083 stations carrying around 23 million travellers and 2.65 MT of goods daily.
The Indian Railways generated revenues of Rs 58, 649.83 crore (US$ 10.68 billion) during April-September
2012-13 as against Rs 48, 963.19 crore (US$ 8.91 billion) during the corresponding period last year, registering
an increase of 19.78 per cent. While the total goods earnings increased by 24.30 per cent and total passenger
revenue earnings shot up by 11.15 per cent.
The revenue earnings from other coaching amounted to Rs. 1, 510.38 crore (US$ 275.03 million) during April-
September 2012. The total approximate numbers of passengers booked during 1st April - 30th September 2012
were 4, 274.87 million as against 4, 121.99 million during the same period last year, indicating a growth of 3.71
per cent.
The cumulative FDI inflow into the railways related components sector stood at US$ 247.77 million from April
2000 to September 2012, according to statistics released by DIPP.
Ports
The national maritime agenda envisages an expansion of total port traffic from current 800 MT to about 2, 500
MT by 2020. Alongside, the agenda projects total capacity, of all ports together, to raise from current 900 MT to 3,
130 MT.
India and Austria have recently inked a Memorandum of Understanding (MoU) on Technology Cooperation in the
Shipping and Ports Infrastructure, wherein Austrian expertise could prove quite instrumental for the Indian
sector. New technologies for implementation of International Ship & Port Security code, use of radio frequency
identification in logistics and transport planning and optical character recognition in terminals to speed up the
processing of containers in and out were certain areas involved in the agreement.
Indian ministry expects that the bi-lateral co-operation would enable Indian organisations to acquire appropriate
know-how, scientific knowledge and research and development (R&D) capabilities from the European country.
Power
The power sector has already witnessed a capacity addition of 8, 532 Megawatt (MW) during the first half of
2012 while a total increment in 2012-13 is pegged at 25, 484 MW. This is higher than the achievement of 16, 336
MW of power generation capacity addition in 2010-11 and 23, 170 MW in 2011-12.
• Indo Rama Renewables, a subsidiary of Indo Rama Synthetics (I) Ltd, has placed an order with Gamesa
Wind Turbines Private Ltd for supply of 30 MW of wind energy generators. The deal marks Indo Rama's
entry into the renewable energy market. Under the scope of the contract, Gamesa will erect and
commission15 wind mills, G97-2.0 MW units in Jath, Maharashtra, by December 2012.
• The US headquartered multinational, GE, has commissioned its 25.5 MW Yelisurur project of Bhoruka
Power Corporation in Karnataka. Calling the Rs 180 crore (US$ 32.77 million)-project its 'launch site' for
its 1.5 MW, 77-metre blade wind turbine, GE would generate 62 million units of electricity annually
through it.
Infrastructure in India: Key Developments
• IVRCL Ltd has entered into an MoU with the Haryana Government for the development of Rai Malikapur-
Kharak road corridor which would cover a stretch of 151 km of Rai Malikapur close to the Rajasthan
border up to Kharak corridor and enhance the north-south connectivity. The Rs 1, 605 crore (US$ 292.23
million) project will take about 30 months to execute.
• Indian Railways has recently launched an application namely RailRadar which envisages an interactive
map to allow users to track train movements on real-time basis. Such an application has been launched
for the first time in India, wherein any of the public transport system can be tracked on the internet and
mobile.
The application has been created by Indian Railways Center for Railway Information System (CRIS) and
RailYatri.in.
• L&T Infrastructure Development Projects (L&T IDPL), the infrastructure development arm of
engineering major Larsen & Toubro has received formal bids from Singapore's Temasek, Abu Dhabi-
headquartered Mubadala Development Corporation, and Malaysia Government's investment vehicle
Khazanah. The company is also in advance talks with Canada Pension Plan Investment Board (CPPIB) and
probably Bulge-bracket buyout fund Carlyle.
• Hyderabad-based GVK Power and Infrastructure Limited has inked an operations and management
contract with the Airports Authority of Indonesia (Angkasa Pura Airports), the Indonesian Government
airport operator wherein it would manage non-aeronautical commercial operations at both the existing
terminals and the new international terminal of Indonesia's second busiest Bali (Denpasar) international
airport (which is currently under construction). The revamped airport is expected to commence
operations in the third quarter of 2013.
Government Initiatives
• The Cabinet has given its nod to private investment in state-run Indian Railways for building new rail
lines and plants and enhance capacity. The move would allow private sector to connect railways with the
ports, mines and industrial plants by providing last-mile connectivity and thereby reduce transportation
costs
• The Indian Government has also envisaged The Indian Railways Vision 2020 which aims to tackle
infrastructure obstacles and deliver best services while building capacity
• Further, the Government has recently approved nine road projects worth around Rs 11, 600 crore (US$
2.11 billion), to be executed by State Governments under public private partnership (PPP) model. These
projects, totalling up to 1, 226 km, are being bid in Andhra Pradesh, Uttar Pradesh and Bihar
The finance ministry would provide 20 per cent of the financial requirement while another 20 per cent
would come from the highways ministry in order to make these projects financially viable in the form of
viability gap funding (VGF). The Government of India (GoI) has earmarked Rs 2, 295 crore (US$ 417.88
million) under VGF, wherein Rs 500 crore (US$ 91.06 million) would be released in 2012-13
Road Ahead
India is betting high on private investment in infrastructure as the Government hopes that the private sector,
through PPPs, will invest US$ 350-400 billion in infrastructure sectors (like roads, ports, railways and airports)
between 2012 and 2017. This is about half the total investment in infrastructure according to the 12th Five Year
Plan.
Moreover, seeking about US$ 1 trillion of investments in highways, harbours and power plants from 2012-2017
for infrastructure development in India, the Prime Minister, Manmohan Singh would lead a panel focussed at
speeding up approvals of infrastructure projects. The Cabinet Committee on Investment would aim at easing
bottlenecks that subdue growth and development of the country.
Disclaimer:
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale
of any financial instrument or as an official confirmation of any transaction. The information contained herein is
from publicly available data or other sources believed to be reliable but do not represent that it is accurate or
complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall
not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. This document is provide for assistance only and is not intended to be and must
not alone be taken as the basis for an investment decision.
Firstcall India Equity Research: Email – [email protected]
C.V.S.L.Kameswari Pharma
U. Janaki Rao Capital Goods
A.Nagaraju Cement, Reality & Infra, Oil & Gas
Ashish.Kushwaha IT, Consumer Durable & Banking
K. Jagadhishwari Devi Diversified
Abdul Khabeer Diversified
Anil Kumar Diversified
A.Ravi Diversified
Firstcall India also provides
Firstcall India Equity Advisors Pvt.Ltd focuses on, IPO’s, QIP’s, F.P.O’s,Takeover
Offers, Offer for Sale and Buy Back Offerings.
Corporate Finance Offerings include Foreign Currency Loan Syndications,
Placement of Equity / Debt with multilateral organizations, Short Term Funds
Management Debt & Equity, Working Capital Limits, Equity & Debt
Syndications and Structured Deals.
Corporate Advisory Offerings include Mergers & Acquisitions(domestic and
cross-border), divestitures, spin-offs, valuation of business, corporate
restructuring-Capital and Debt, Turnkey Corporate Revival – Planning &
Execution, Project Financing, Venture capital, Private Equity and Financial
Joint Ventures
Firstcall India also provides Financial Advisory services with respect to raising
of capital through FCCBs, GDRs, ADRs and listing of the same on International
Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and
other international stock exchanges.
For Further Details Contact:
3rd Floor,Sankalp,The Bureau,Dr.R.C.Marg,Chembur,Mumbai 400 071
Tel. : 022-2527 2510/2527 6077/25276089 Telefax : 022-25276089
E-mail: [email protected]
www.firstcallindiaequity.com
