ITD Cementation 090316 - India...

ITD CementationTurnaround in sight

Analyst: Alok Deora

Kaushalya Narendran

[email protected]

Stock Data

Sensex: 24,659

52 Week h/l (Rs): 118 / 57

Market cap (Rscr) : 1599

6m Avg t/o (Rscr): 2.7

Bloomberg code: ITCE IN

BSE code: 509496

NSE code: ITDCEM

FV (Rs): 1

Div yield (%): ‐

Prices as on March 08, 2016

Company Rating Grid

Low High

1 2 3 4 5

Earnings Growth

Cash Flow

B/S Strength

Valuation appeal

Risk

Shareholding Pattern

Jun‐15 Sep‐15 Dec‐15

Promoters 51.6 51.6 51.6

FII+DII 27.5 27.8 28.0

Others 20.9 20.6 20.4

Share Price Trend

50

150

250

Feb‐15 Jun‐15 Oct‐15 Feb‐16

ITD Sensex

CMP: Rs101 1‐yr Target: Rs134 Upside: 33%

This report is published by IIFL ‘India Private Clients’ research desk. IIFL has other business units with independent research teams separated by 'Chinese walls' catering to different sets of customers having varying objectives, risk profiles, investment horizon, etc. The views and opinions expressed in this document may at times be contrary in terms of rating, target prices,

estimates and views on sectors and markets… (Read the complete disclaimer at the back of this report)

Company Report

March 09, 2016

BUY Sector: Infrastructure Sector View: Positive

ITD Cementation India Ltd Turnaround story; strong bet on construction play

ITD Cementation (ITDC), an eight decade old company has built strong expertise in marine, urban infra and other infrastructure segments and is one of the few EPC players owned by a construction MNC. The strong parentage provides comfort with regards to execution (achieving pre‐qualification, technology transfer from parent etc), while ensuring transparency in operations. Mumbai‐based ITDC has always focused on the asset light EPC space and never ventured into BOT. Diversifying into multiple segments provides ITDC an edge over peers in terms of achieving regular EPC order inflows. It was therefore able to refrain from bidding for BOT projects. This proved beneficial from ITDC’s perspective, as many EPC players had ventured into the BOT space during last few years to secure orders only to later switch back to EPC after a bitter experience. ITDC intends to continue with its EPC focused strategy, which we believe would prove beneficial from a long‐term perspective. ITDC currently sits on an order book of ~Rs.5,200cr (excludes strong L1 position of ~Rs.3,500cr). ITDC expects conversion of L1 projects soon, which would further augment its position. ITDC did experience pressures over the past few years as certain receivables were stuck in litigation. However, recent settlement from NHAI (major portion) provided a strong boost. Additionally, ITDC raised Rs.140cr via QIP during 2014 to bolster its balance sheet. ITDC does not intend to bid for NHAI orders till it is certain of payment not being an issue. It would focus on state government and private sector for road projects.

Backed by larger size of operations (~2x FY14 topline), execution of certain high‐margin orders and diminished concerns on receivables, we expect ITDC to have an operating profit growth of whopping 42% CAGR over CY15‐17E, with margins reaching ~10% (~6% currently) by CY17E. With an improving operating performance and comfortable balance sheet position, ROE is likely to spike to more than 20% by CY17E, higher than most other EPC players. Despite strong growth prospects, the scrip is trading at 10.6x its CY17E EPS. We believe re‐rating is on the cards for ITDC, which we expect to be one of the best bets in the construction space. We recommend BUY for a target price of Rs.134, implying a target P/E of 14x.

Financial Highlights Y/e 31 Dec (Rs cr) CY14 CY15 CY16E CY17E Revenues 1,719 3,071 3,532 3,955 yoy growth (%) 8.5 78.7 15.0 12.0 Operating profit 91 192 267 384 OPM (%) 5.3 6.2 7.6 9.7 Pre‐exceptional PAT (76) 65 84 149 Reported PAT 19 (59) 84 149 yoy growth (%) 108.4 NA NA 77.2 EPS (Rs) (4.9) 4.2 5.4 9.6 P/E (x) NA 24.2 18.7 10.6 EV/EBITDA (x) 24.8 10.4 7.8 5.7 Debt/Equity (x) 1.3 1.1 1.0 0.9 RoE (%) (15.6) 12.0 15.3 22.4 RoCE (%) 5.6 14.9 21.3 26.7

Source: Company, India Infoline Research

Page 2 of 24

ITD Cementation India Ltd

Strong parentage provides comfort on execution capabilities and transparency in operations ITDC is the one of the very few EPC companies that is owned by an MNC construction Company. ITDC has undergone ownership changes few times before it was acquired by the Italian‐Thai Development Company (ITD) in 2005. ITD, the parent is engaged in civil construction in Thailand and has decades of experience in executing infrastructure jobs. The strong parentage provides significant comfort on execution capability as ITDC can leverage on the parent’s strong position (achieving pre‐qualification, technology transfer etc). Being associated with an MNC Company also ensures transparency in operations.

Presence across multiple segments to ensure strong order inflows ITDC is one of the few players with presence across multiple segments, including Marine, MRTS, and roads. The company has a strong order pipeline for setting up the metro network as well as developing and upgrading ports; also the roads segment is likely to see huge opportunities unfolding in terms of order awards. This would provide ITDC an opportunity to increase its order book significantly and enable realization of higher margins, backed by lower competitive intensity in segments such as MRTS and marine. Also presence across segments would help the Company to tackle the slowdown in any particular segment. Operates with an asset light model; focus purely on EPC segment ITDC has always been focused on EPC space and operates with an asset light model. Having diversified into multiple segments like marine and urban infra, ITDC has been able to maintain regular order inflows and refrain from bidding for BOT. Unlike other EPC players who ventured into BOT and eventually paid the price, ITDC was able to tackle the challenging times with its stable EPC model and multiple order flow streams. ITDC intends to continue bidding only for EPC projects which is likely to be beneficial over the long term as it would keep leverage under check.

Sitting on decent order book and strong L1 pipeline; conversion of L1 to augment order book ITDCs current order book stands at ~Rs.5,200cr (~1.7x CY15 revenues), which provides visibility of strong revenue growth. Additionally, the company has been declared L1 in projects worth ~Rs.3,500cr, which includes Mumbai Metro 3 (MM3) project worth ~Rs.1,130cr, Udangudi project worth ~Rs.1,800cr, construction of fifth oil berth at Mumbai Port Trust worth ~Rs.320cr, and construction of multi‐purpose terminal for Vishakhapatnam Port Trust worth ~Rs.180cr. Considering the current order book, robust pipeline, and strong execution capabilities, ITDC is expected to deliver topline CAGR of ~14% over CY15‐17E.

Page 3 of 24


Settlement of major outstanding claims and fund raising via QIP aid financial position ITDC faced some pressure as sizeable receivables were stuck in litigation, which led to a stretched balance sheet. However, during CY15 ITDC settled claims worth Rs.300 cr with NHAI, the largest debtor (received Rs.180 cr and wrote off Rs.120 cr in CY15). In addition, during September 2014, ITDC raised Rs.140 cr via QIP and utilized the proceeds to reduce debt and fund working capital requirement. While ITDC still has pending claims (worth ~Rs 100 cr) for irrigation projects, it is hopeful of receiving a majority of these in the near future. With majority of its claims settled and QIP funds used to pay off a portion of debt, ITDC is much better placed to capitalize on future growth opportunities and be in a position to bid for more projects.

With major debtors claims settled and execution of legacy orders largely complete, operating performance set to improve ITDC’s margins have come under severe pressure, owing to slow execution of certain low‐margin legacy orders. In addition, large amount of receivables were stuck in litigation, which stretched the company’s balance sheet and affected its order bidding capacity. However, legacy orders have now been largely executed and majority of receivables have been settled. Inline with this, we expect ITDC to deliver EBITDA CAGR of ~42% over CY15‐17E with OPM’s reaching pre‐CY14 levels of ~10% (~6% currently) by CY17E

Strong balance sheet and negligible capex requirement to enhance return ratios As ITDC is focused only on the asset light EPC segment, it would not incur any significant capex for executing the current order book and future inflows. Thus, we do not envisage any significant rise in leverage for the company, barring working capital debt. With improvement in operating performance and comfortable balance sheet position, ITDC is all set to witness its ROE spike to more than 20% by CY17E which is higher than most other EPC players in the industry.

Page 4 of 24


EPC is the flavor in the current market scenario; players like ITD focusing only on EPC well placed to grab the opportunity EPC (also known as cash contract) is the preferred mode currently as against BOT. While in the EPC space payments are made at regular intervals to the contractor by authorities like NHAI, BOT requires investment to be made by contractors and later recover it through mechanism like toll collections. Here the contractor is exposed to risk of traffic and toll growth which is typically linked to performance of the economy. ITDC has always focused only on the EPC space and never ventured into BOT space. While this seemed like a concern initially considering lot of projects especially in Roads were awarded through BOT route during the last few years, it actually proved to be beneficial. EPC players who ventured into BOT had a bitter experience owing to volatile traffic in toll projects, public outcry against toll collections etc. These players now largely want to focus on EPC model now and some have or are looking to monetize their BOT assets. ITDC owing to its diversification across segments was able to manage order inflows during challenging times. Today it is in a much stronger position as against its peers, some of whom are witnessing stretched balance sheets. ITDC which focuses only on EPC space in strong position

The order flow in coming years is likely to be driven by the EPC route owing to sheer lack of interest by bidders for BOT due to viability concerns. While this would be beneficial to the industry as a whole, it would significantly benefit ITDC which has a strong foothold in the EPC space and supportive balance sheet to bid for large contracts. ITDC intends to continue bidding only for EPC projects which is likely to be beneficial over the long term as it would keep leverage under check while ensuring strong order inflows. Owing to light balance sheet, ITDC would also be in a position to bid for large orders which may be difficult for other EPC players who are operating with slightly stretched balance sheets.

EPC clearly holds the edge over BOT route; ITDC strongly placed to benefit

BOT EPC

Viability of project highly dependent on traffic and toll

growth Light Balance Sheet provides flexibility to bid for more

orders

High Debt requirement leads to stretched Balance

sheet Controlled leverage as these are cash contracts

Higher order flow in coming years through EPC route

Page 5 of 24


Well-diversified order book across different segments; ITDC now in a comfortable position to ride the upmove ITDC has a presence across multiple segments such as marine, transportation, urban infrastructure, and irrigation. This is in stark contrast to many other players in the industry whose presence is confined to a select few segments. ITDC’s diversification strategy has ensured order inflows on a consistent basis. It has also allowed ITDC to focus on EPC space (not venture into BOT segment) unlike its peers. ITDS intends to remain an EPC player which we believe would be beneficial from long term perspective. The company has been declared L1 in the MM3 project (apart from L1 position in projects worth Rs.2,300 cr), where it has a share of Rs.1,130 cr. Additionally, the current order book of ITDC stands at ~Rs.5,200 cr, which is spread across multiple segments dominated by marine. The company remains focused on securing orders from different segments, which allows capturing a larger market and cushion it from slowdown in a given segment. As the company had some issues with NHAI, owing to certain receivables (have been settled in 2015), it does not intend to bid for more NHAI orders in the near to medium term. However, it would continue to bid for state road and private projects. This is likely to reduce the portion of roads in the overall order book in the near term. While this could have near‐term implications considering the significant awards in the road segment (largely dominated by the NHAI), the company has a strong order pipeline from other segments such as urban infra. We therefore envisage order inflows to be robust during the next few years. Well‐diversified order book

53%

17%

9%

9%

5%7%

Marine

Irrigation

Transportation

Urban infra

Buildings

Others

Source: Company, Order book breakup as on December 2015 Roads included under transportation segment

Major sectors where ITDC has a presence are likely to see huge investments in the coming years, which will benefit the company immensely.

Page 6 of 24


Set to capitalize on opportunities in key infrastructure verticals; significant opportunity in the marine space which constitutes more than half of the order book for ITDC Increasing cargo traffic to give a big push to development of ports India is one of the world’s fastest growing economies and is expected to clock a GDP of 7‐7.5% in FY17. There has been a quantum leap development in trading activities in the country, which is largely supported by India’s port infrastructure. The country has a coastline of more than 7,500 km and more than 200 ports. The country has 12 major ports and 187 non‐major ports that are differentiated in terms of administration. While the major ports are administered by the central government’s shipping ministry, the non‐major ports are administered by relevant ministries in the respective states. Major Ports in India Name State

Kandla Port Gujarat

Mumbai Port Maharashtra

JNPT Maharashtra

Marmugoa Port Goa

Mangalore Port Karnataka

Paradip Port Odisha

Visakhapatnam Port Andhra Pradesh

Chennai Port Tamil Nadu

Kolkata Port West Bengal

Tuticorin port Tamil Nadu

Ennore Port Tamil Nadu

Kochi port Kerala

Cargo traffic at major ports stood at ~581 MT, whereas the cargo traffic at non‐major ports was ~471 MT in FY15. During H1 FY16, the total cargo throughput in major and non‐major ports recorded ~2% growth yoy to ~526 MT. There has been a significant shift in cargo traffic from major ports to non‐major ones due to excessive congestion at major ports. The contribution of non‐major ports to aggregate cargo traffic has increased from ~26% in FY05 to ~45% in FY15. The cargo traffic at major and non‐major ports between FY05‐15 clocked a CAGR of ~4% and ~13% respectively.

Page 7 of 24


Cargo Traffic at Major and Non‐Major Ports

200

300

400

500

600

700

2009‐10 2010‐11 2011‐12 2012‐13 2013‐14 2014‐15

(Mn Tonnes)

Cargo Traffic at Major Ports Cargo Traffic at Non Major Ports

Source: Indian Ports Association The government has taken active interest in the development of ports and has allowed 100% FDI via the automatic route for projects related to construction of ports and harbors. The government has established the National Maritime Development Program in an effort to develop the maritime sector. Three new port projects in Maharashtra, West Bengal, and Tamil Nadu, entailing an investment of ~Rs.20,000 cr are on the anvil. Tenders for the same will be floated by March 2016 according to the Shipping and Road, Transport and Highways ministry.

Approved Outlay for Ports

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

(Rs. Cr)

Source: Ministry of Shipping

In the Union Budget 2016, the Government has allocated close to Rs.800 cr for modernizing ports and increasing their efficiency. The funds would also be used in developing new greenfield ports in the eastern and western coasts.

Page 8 of 24


Ongoing Projects at Major Ports (as of 30 September, 2015) Port Name Scope of Work Capacity Project Cost

(Rs. Cr)

JNPT Development of fourth container terminal at JNP

60 MTPA 7,915

Mumbai Port Construction of two new offshore container berths and development of container terminal berth

9.60 MTPA 1461

Kamarajar Port Ltd

Development of container terminal on DBFOT basis

16.8 MT 1,270

Visakhapatnam Upgrading of the existing facility (OHC) and creating new facility (WQ‐1) for iron ore handling

23 MT 845.41

JNPT Development of standalone handling facility with a quay length of 330 m to the North at JNPT

10 MTPA 600

New Mangalore Port Trust

Setting up of mechanized iron ore handling facilities at berth No. 14

6.62 MTPA (Capacity of

Jetty)

296

Source: Ministry of Shipping

Projects under Formulation for Major Ports (as on 30 September, 2015) Port Name Scope of Work Capacity Project Cost

(Rs. Cr)

Kamarajar Port Ltd

Development of LNG terminal 5 MT 5,151

Chennai Port Trust

Development of mega container terminal (Development of a new outer harbour on BOT basis)

48 MTPA 5100

Kandla Construction of T shape Jetty at Tekra (Phase‐II)

14 MT 1500

Paradip Port Mechanization of EQ 1 to EQ 3 berths at Paradip Port on BOT basis

30 MT 1438

Kandla 8 Development of port‐based multi product SEZ

N.A. 1095

Paradip Port

Development of deep draught iron ore berth on BOT basis at Paradip port

10 MT 740

Source: Ministry of Shipping ITDC is an active player in the marine sector; more than 50% of the company’s order book comprises of orders from this segment. There is immense scope for expansion and modernization of ports in India, which encourages private players to foray into port building activity. Considering the relatively lower competition in the segment and several port projects on the anvil, the company could be one of the largest beneficiaries of opportunities emerging in the marine segment.

Page 9 of 24


Recent policy initiatives in irrigation segment a shot in the arm The government is focused on providing the required fillip to the sagging agriculture sector. Irrigation has assumed a pivotal role in supporting the sector. Adequate irrigation infrastructure assures year‐round water supply and provides immunity to farmers from a poor monsoon. This necessitates the government to infuse adequate investment into the irrigation segment to build a sturdy support system for the agriculture sector.

In the recent budget, the irrigation segment received special emphasis with the finance minister laying out elaborate measures to give the irrigation sector a push. In addition to bringing 28.5 hectares of land under irrigation, close to 89 languishing irrigation projects will be fast‐tracked. Moreover, a dedicated long‐term irrigation fund will be created in NABARD with an initial corpus of Rs.200bn.

With ~17% of ITDC’s order book accounting for dams and irrigation projects, the recent initiatives by the government will boost the irrigation segment and are the much needed shot in the arm for the company. ITDC has executed a number of large, medium, and small hydroelectric and irrigation projects, such as pumping stations, powerhouses, tunnels, intake structures, headrace tunnels, pressure shafts, and penstock pipes, and plans to participate actively in the sector. Projects under consideration of Ministry of Water Resources, River Development and Ganga Rejuvenation Name of Project State Project Cost

(Rs.Cr)

Andhra Pradesh community‐based water management project, Phase II

Andhra Pradesh 1,600

Tamil Nadu irrigated agriculture modernization and water resources management project, Phase‐II

Tamil Nadu 2,950

Kundaliya major irrigation project under NWUEISP Madhya Pradesh 3,448

Telangana irrigation and livelihood improvement project Phase‐II

Telangana 673

Project for restoring irrigation potential of Sarda Sahayak and Sarda Canal System

Uttar Pradesh 4,192

Extension, renovation, and modernization work of Tawa irrigation project

Madhya Pradesh 2,600

Source: Ministry of Water Resources, River Development & Ganga Rejuvenation, India Infoline Research

Page 10 of 24


Spotlight on urban infrastructure development; gamut of opportunities on the anvil ITDC is focused on the urban infrastructure development segment; metro rail projects constitute ~11% of the order book. This segment is rapidly expanding in India with several metro rail projects being planned across states in order to enhance connectivity within cities. Metro rail projects are operational in seven cities; nonetheless, several metros are under construction. Operational Metro Projects Metro Project Total Length (Km) Completion

Bangalore Metro 25.5 October 2011

Chennai Metro 10 June 2015

Delhi Metro 193.1 December 2002

Gurgaon Metro 5.1 November 2013

Jaipur Metro 9.6 June 2015

Kolkata Metro 28.1 October 1984

Mumbai Metro 11.4 June 2014

Under Construction/Planning Metro Project Total Length (Km) Completion

Hyderabad Metro 72.2 2017

Noida Metro 29.1 2017

Kochi Metro 25.6 2016

Navi Mumbai Metro 106.4 2017

Lucknow Metro 35 2016

Ahmedabad Metro 39.3 2018

Nagpur Metro 38.2 2018

Apart from the above metros, metros have been proposed for the following cities. While this may take time to materialize, the opportunity remains strong for players such as ITDC. Proposed Metro Projects

Metro Project

Bhopal Metro Gwalior Metro

Chandigarh Metro Vishakhapatnam Metro

Ludhiana Metro Vijayawada Metro

Indore Metro Indore Metro

Patna Metro

Urban infrastructure, including metro rail, monorail, and smart cities, has assumed paramount importance in the recent past. The government plans to usher in large‐scale investments in the urban infrastructure sector; the sector offers huge business opportunities for private players in the long term.

Page 11 of 24


Significant opportunities are likely to emerge, which could benefit ITDC, especially considering the low intensity of competition in this space compared with the highway segment. Moreover, the company possesses extensive experience in the metro rail segment; it has successfully executed several projects. Metro Projects bagged by ITDC

Metro Scope of Work

Bangalore Metro Supply and installation of track work

Kolkata Metro Construction of 3 under ground stations and tunnels

Delhi Metro Design and construction of elevated viaduct including entry exit line, ramp to depot and 8 elevated stations

Delhi Metro Design and Construction of Tunnels by Shield TBM

Chennai Metro Construction of Ramps, Cut and Cover Tunnel

Noida Metro Piling Works at Contract Package NC‐02

Jaipur Metro Construction of elevated road and metro viaduct for stage I of Jaipur metro


Page 12 of 24


Topline growth to pick up backed by healthy order book and strong execution capabilities The company’s order book as of December 31, 2015 stood at ~Rs.5,200 cr, ~1.7x of CY15 revenue, excluding L1 projects worth ~Rs.3,500 cr. The company’s order book and revenue had a CAGR of ~16% over CY11‐CY15. Considering the opportunities that are likely to unravel in the marine and urban infrastructure segments and the company’s long‐standing experience in successfully executing projects, ITDC’s order book will likely get stronger in the coming years. The company is committed to maintain bidding discipline and has no plans to bid for NHAI road projects (owing to not so good experience with NHAI) in the near‐term. It would however bid for state road and private projects. Although this limits the growth potential, opportunities in other segments could play out favorably. We expect ITDC’s order book to clock a CAGR of ~19% over CY15‐17E. ITDC emerged as the L1 bidder for the MM3 project worth ~Rs.2,830 cr. The project will be executed in a consortium with Tata Projects and Continental Engineering where ITDC’s share would be ~Rs.1,130 cr. The company has not received the LOA for this project; on receipt, this will further augment its order book. ITDC expects to receive the LOA for the project in the near future. However, revenues will likely kick in six months after the LOA is received. ITDC’s revenues during CY15 stood at ~Rs.3,071cr, up ~79% yoy. Despite robust execution, the existing order book is reasonable. Nonetheless, fresh order inflows could provide further momentum to topline. We expect ITDC to register strong revenue growth, clocking a CAGR of ~14% over CY15‐17E.

Robust order book; strong bid pipeline Topline to witness strong growth

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

‐

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

CY11 CY12 CY13 CY14 CY15 CY16E CY17E

(x)(Rs. Cr)

Order Book Order Book/Sales (RHS)

‐20

0

20

40

60

80

100

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

CY12 CY13 CY14 CY15 CY16E CY17E

(%)(Rs. Cr)

Topline Topline Growth


Page 13 of 24


Execution of low-margin orders largely complete; operating margins to see an uptrend ITDC has historically operated at an operating margin of ~10%. However, during CY14, the operating margin slipped to ~5% because of ~Rs.400 cr worth pending claim settlements from clients, which restricted the company’s ability to bid for fresh orders. Lack of accretion to order book restricted topline growth, resulting in tepid operating margins. Moreover, ITDC was executing a bunch of low‐margin legacy orders that further pressurized margins. Operating performance set to move to historical levels

0

2

4

6

8

10

12

14

16

0

50

100

150

200

250

300

350

400

450


(%)(Rs. Cr)

Operating profit Operarting Margin (RHS)


The operating margins have shown signs of recovery during the past few quarters. The settlement of ~Rs.180cr from NHAI, out of the outstanding claims of ~Rs.300cr, was the company’s inflection point; the company wrote off the remaining ~Rs.120cr. Furthermore, ITDC has pending claims from two irrigation projects worth ~Rs.100cr, one in Telangana and the other in AP. The company expects the majority of receivables through an amicable settlement in the near term. Moreover, the fact that legacy projects are almost approaching completion is a source of comfort.

Low competitive intensity in key segments such as marine and urban infrastructure compared with the highway segment could significantly benefit the company. The company provides specialized engineering services and is an established player in the marine segment. Marine orders accounted for over 50% of the company’s order book as of December 2015. Considering the plethora of available opportunities in this segment, sustained recovery in operating margins is on the cards.

The company is firm on maintaining bidding discipline; it would not foray into segments plagued by aggressive bidding. Although this limits the bidding universe, the company will not land up in projects that have the potential to shrink operating margins. ITDC’s EBITDA margin is likely to recover and reach historical levels of ~10% by CY17. We envisage ~42% CAGR in EBITDA over CY15‐17E.

Page 14 of 24


Balance sheet easing underway; net profit to see gradual recovery Deleveraging of balance sheet has taken center stage in the company’s overall plans. The company’s bottomline took a severe hit because of the ballooning debt fueling higher interest costs. However, with the deleveraging exercise, ITDC’s debt levels have come down from ~Rs.722cr at the end of CY14 to ~Rs.574cr at the end of CY15. Consequently, the company’s debt to equity ratio improved from ~1.3x at the end of CY14 to ~1.1x at the end of CY15. In September 2014, the company raised ~Rs.140cr through QIP, which was utilized to pay off a portion of the debt and fund working capital requirement. Notwithstanding the management’s aim to cut debt levels in the coming years, considering the working capital required to execute the huge orders, we expect the debt to equity ratio to remain largely flat at ~0.9x in CY17E.

Inflated debt levels coupled with pending settlements from clients has eaten into the company’s profitability and stretched the working capital cycle. NHAI settled ~Rs.180cr, of the outstanding claims of ~Rs.300cr, which partially eased the balance sheet position. Recovery of pending claims could provide further respite. The company has outstanding claims worth ~Rs.100cr from two irrigation projects, one in Telangana and the other in Andhra Pradesh. ITDC expects to receive ~Rs.75cr from the Telangana Irrigation project through an amicable settlement in the near term.

The company expects a capex of ~Rs.20 cr every year for the next two years. Nevertheless, the MM3 project will require one new TBM, which the company plans to procure on lease. It has tied up with a financial services firm for funding purposes. This will help avoid a lump sum upfront investment, improving the firm’s balance sheet position.

We expect operating performance to improve and drive net profit growth. Further, decline in interest costs should provide an additional push.

Net Profit to witness strong growth in CY17E Balance sheet deleveraging underway

‐100

‐50

0

50

100

150

200


(Rs. Cr)

0.0

0.5

1.0

1.5

2.0

2.5

0

100

200

300

400

500

600

700

800

900


(x)(Rs.Cr)

Debt Debt/Equity (RHS)


Page 15 of 24


Improved operating performance and lower gearing to aid recovery of return ratios ITDC’s return ratios have been frail, owing to lower profitability. The ROCE, which was at ~14% during CY13, fell to ~6% in CY14. ROE declined from ~2% in CY13 to ~‐16% in CY14. The decline essentially stems from significant amount of receivables (worth ~Rs.400cr) being stuck with litigation. This stretches the balance sheet and restricts the company’s ability to bid for larger orders.

Return ratios to improve from CY16

‐20

‐10

0

10

20

30

40


(%)

ROCE ROE


However, the scenario will likely change for the better for ITDC. The company has settled majority of its receivables, which has significantly improved the balance sheet position. It received Rs.180 cr from NHAI as a full and final settlement for Rs.300 cr. It wrote off the remaining debt during CY15. Further, during September 2014, the company raised Rs 140 cr via QIP and used it to reduce debt and fund working capital requirement. The company expects to receive a large sum from the balance receivables under litigation (to the tune of ~Rs.100 cr) through amicable settlement in the near to medium term. This would further improve the balance sheet position. The company’s ROE and ROCE improved to ~12% and ~15%, respectively, in CY15. With a strong topline and earnings growth, limited capex requirement and comfortable debt position, we expect the return ratios to see sharp improvement over the next few years.

Page 16 of 24


Comparative analysis

Company Name

Mkt Cap

Order book

(Dec 15) EBITDA Margin (%) PAT (Rs.Bn) CAGR (FY15‐18E)

(Rs Bn) (Rs Bn) FY15 FY16E FY17E FY18E FY15 FY16E FY17E FY18E Sales EBITDA PAT

EPC Focused

ITDC*# 15.9 52.0 5.3 6.2 7.6 9.7 (0.8) 0.6 0.8 1.5 32.0 61.5 NA

JKumar* 22.1 33.8 18.8 18.4 18.5 18.6 1.0 1.1 1.3 1.9 18.7 18.2 23.8

KNR* 14.6 34.7 14.4 15.0 13.2 14.2 0.7 0.9 0.9 1.2 15.5 15.0 18.0

PNC Infra 25.2 30.6 15.5 11.1 13.2 13.3 0.9 1.3 1.6 2.0 15.6 10.0 29.2

MBL Infra 5.7 47.5 12.1 11.2 11.1 11.2 0.8 0.9 1.0 1.2 13.1 10.1 13.6

BOT focused

IRB 80.2 173.2 58.1 53.8 54.4 55.7 5.4 6.3 6.8 7.3 19.9 18.2 10.3

Ashoka Buildcon 34.5 41.9 20.4 28.1 27.9 27.1 0.8 1.0 1.3 1.4 16.3 27.9 19.7

Sadbhav Engg 42.5 82.7 17.3 21.9 25.5 26.8 ‐1.8 ‐0.4 0.3 1.3 20.5 39.5 NA #As ITDC follows calendar year, Data provided above for FY15, FY16, FY17, FY18 corresponds to CY14, CY15, CY16, CY17 in case of ITDC

Company Name

P/E (x) EV/EBITDA (x) ROE % D/E (x)

FY15

Promoter Holding (%)

As on Dec 31 Key Segments FY17E FY18E FY17E FY18E FY15 FY16E FY17E FY18E

EPC Focused

ITDC*# 18.8 10.6 7.8 5.7 (15.6) 12.0 15.3 22.4 1.1 52 Marine, Roads

JKumar* 16.8 12.0 7.0 6.0 14.3 10.4 9.8 12.5 0.7 44 Roads, Metro

KNR* 13.8 10.6 10.0 7.7 13.5 14.6 13.1 14.9 1.0 61 Roads, Irrigation

PNC Infra 14.8 12.1 8.0 6.7 NA 12.6 11.7 13.2 1.9 56 Roads

MBL Infra 5.1 4.1 4.8 4.2 14.5 14.0 12.9 13.5 1.6 47 Roads, Housing

BOT focused

IRB 10.6 9.8 5.7 5.0 13.7 13.5 12.9 12.5 2.6 58 Roads

Ashoka Buildcon 26.3 22.6 8.3 7.5 6.2 5.5 5.9 7.1 2.8 57 Roads, Power

Sadbhav Engg 45.9 20.1 8.4 6.5 (12.5) 0.2 4.4 10.5 4.4 47 Roads, Irrigation

Source: Bloomberg, India Infoline Research *IIFL estimate, Price as on 08 March 2016 #As ITDC follows calendar year, Data provided above for FY15, FY16, FY17, FY18 corresponds to CY14, CY15, CY16, CY17 in case of ITDC D/E provided above is as end of CY15 for ITDC

Valuation is attractive, considering the improving balance sheet position and expected turnaround in margins The company’s topline had a strong growth of ~79% yoy during CY15. Despite robust execution, order book is at ~1.7x its CY15 consolidated revenues. Additionally, ITDC is L1 in orders worth nearly Rs.3,500 cr, majority of which will be converted into orders in the next few months. With the order flow likely to be strong across marine and urban infrastructure segments, players with a strong balance sheet would be key beneficiaries. ITDC struggled with a stretched balance sheet because of receivables being stuck in litigation. However, it is better placed now. ITDC raised nearly Rs.140 cr via the QIP route during 2014 and paid off portion of the debt with the proceeds. With these measures, the D/E of the company has come down to ~1.0x by the end of CY15 from ~1.7x during 2013.

Page 17 of 24


Turnaround in business to lead to strong return on equity; potential for re-rating

Trading at cheaper valuations despite strong ROE

0

5

10

15

20

25

30

35

40

45

4.0 9.0 14.0 19.0 24.0

FY18E P/E (x)

FY18E ROE (%)

PNC

MBL JKumar

Ashoka Buildcon

KNR

ITD

Sadbhav Engg

IRB

Source: Company, India Infoline Research As ITDC follows calendar year, Data provided above for FY18E corresponds to CY17E in case of ITDC

ITDC is a pure play EPC player with no exposure to asset heavy BOT space. During the past few years, ITDC suffered from various receivables being stuck in litigation. However, measures taken by the company such as one‐time settlement of major receivables and raising funds via the QIP route have further strengthened the balance sheet position. ITDC today is operating with a decent order book and has a healthy balance sheet. Its operating margins halved during 2014, but we expect the same to reach pre‐2014 levels by CY17E. ITDC is trading at relatively cheaper valuations (10.6x CY17E EPS) than most peers despite higher expected ROE. It is well diversified across infrastructure segments, which provides additional comfort in terms of future order inflows. Therefore, we believe re‐rating is on the cards. We value ITDC with a target multiple of 14x, implying a target price of Rs.134 per share.

Page 18 of 24


Key Risks Dependence on Government Projects

With marine projects and urban infrastructure accounting for over ~60% of the order book, ITDC remains largely dependent on the government. A slowdown in rolling out projects by the government in these segments could have severe implications on the company’s order inflow and lead to a weak topline.

Strong growth in topline to nullify management’s attempts to reduce debt levels

ITDC has a comfortable balance sheet position and intends to reduce debt levels further in the coming years. Even though the company’s capex requirements will likely be lower, robust growth in order book and topline may necessitate more working capital. Although we do not anticipate an increase in debt from current levels, major reduction in the same is unlikely.

Undue delays in conversion of L1 could impact topline

The company has emerged as the lowest bidder for a few large orders such as the MM3 project, Udangudi breakwater project and dredging and reclamation work at JNPT. Undue delay in conversion of L1 status on these projects is likely to affect the topline.

Relapse of high receivable position could dampen recovery

ITDC had pending claim settlements aggregating to ~Rs.400cr, which halved its operating margins to ~5% in CY14. The company has recovered most of its claims from NHAI, which is likely to aid margin expansion in the coming years. ITDC expects to recover ~Rs.75cr from the two Telangana Irrigation projects out of the outstanding claim of ~Rs.100cr. Therefore, the company will need to ensure speedy recovery of claims because a relapse of the past situation will restrict its ability to bid for orders and affect its financial health.

Page 19 of 24


Company Background

ITDC is a subsidiary of Italian‐Thai Development Public Company Limited (ITD), which owns ~52% in ITDC. ITDC is one of the leading infrastructure players in India with a strong foothold in key infrastructure verticals and is well diversified across sectors. The company is a pure EPC player and has no exposure to BOT projects.

The company has a long‐standing experience of over eight decades of providing construction services in India. The company has changed hands several times, from its inception, before being acquired by Thai Development Public Company Limited.

Events Timeline

Set up as Cemindia Company Limited by The Cementation Company Limited, United Kingdom

Company acquired by Trafalgar House Plc.; Rechristened as Trafalgar House Construction India Limited

Trafalgar House Plc. acquired by Kvaerner ASA in 1996; Rechristened as Kvaerner Cementation India Limited in 1998

Renamed as Skanska Cementation India Limited pursuant to acquisition of entire issued share capital of Kvaerner Construction Group Limited by Skanska AB

Acquired by Italian‐Thai Development Public Company Limited, Thailand in 2004 and renamed as ITD Cementation India Limited in 2005

1931‐1978

1994

1998

2001

2005

Marine

Buildings

Highways, Bridges and Flyovers

Airports Industrial Structures

Dams, Tunnels, Hydro‐power and Irrigation

Mass Rapid Transportation System

Key Segments

Page 20 of 24


Typical scope of work undertaken by ITDC Areas of Operation Scope of Work

Marine Construction of maritime structures such as jetties, dolphins, quays, service platforms, berths, dry dock, wet basin, land reclamation, coastal erosion protection etc.

Mass Rapid Transit Systems Construction of tunnels, underground railway stations and installation of train system

Dams, Tunnels, Hydro‐power and Irrigation

Execution of large, medium and small hydroelectric and irrigation projects like pumping stations, power houses, tunnels, intake structures, headrace tunnels, pressure shafts and penstock pipes

Industrial Structures Execution and construction of civil structures for refineries, petrochemicals, power, steel and fertilizer plants

Airports Design and construction of runway, hangar, passenger terminal and various utilities at airports

Highways, Bridges and Flyovers

ITDC has completed five road projects under the Golden Quadrilateral and has carried out road projects and construction of flyovers and bridges

Buildings Full service delivery of all types of buildings, from conceptual design to final decoration and fitting ranging from residential buildings to sports stadiums and gymnasiums to industrial structures

Source: Company, India Infoline Research In addition, the company is also engaged in manufacturing steel structures, installation of public telephone network, mining and pipeline projects. Catering to diverse Clients Clientele

JNPT Chennai Metro Rail Corporation Limited

NTPC

Ennore Port Bangalore Metro Rail Corporation Limited

Samsung

PIPAVAV Kolkata Metro Rail Corporation Limited

Indian Farmers Fertilizer Cooperative Ltd

Kandla Port Rail Vikas Nigam Limited Airport Authority of India

PSA Marine Konkan Railway Corporation Limited

NHAI

Delhi Metro Rail Corporation Limited

Tata Power Company Limited

West Bengal Housing Infrastructure Development Corp. Ltd.

Source: Company, India Infoline Research An experienced and able team manages the company. Backed by strong expertise and experience of ~1,809 employees and an additional labor force of ~3,017, ITDC has executed a several projects of varying complexities.

Page 21 of 24


Management Profile

‐ Chairman of the Company since 2004‐ Also serves as the President and Director of ITD‐ Hasmore than three decades of experience in the Infrastructure Construction Industry

Mr. PremchaiKarnasuta (Chairman)

‐ Director of the Company since 2004 and also the Vice Chairman

‐ Hasmore than four decades of experience in the Construction industry

‐ Also a Director and Senior Executive Vice President of ITD

Mr. PathaiChakornbundit(Vice Chairman)

‐ Senior most Director of the Company and has been on the board since 1983

‐ Solicitor and Advocate of Bombay High Court and Solicitor of the Supreme Court of

England

Mr. Darius ErachUdwadia

(Independent Director)

‐ Director of the Company since 2009 and Managing Director of the Company since 2010

‐ Has more than three decades of experience in Civil Engineering and Construction

ProjectManagement

Mr. Adun Saraban(Managing Director)

‐ Joined the Company in 1979.

‐ Apart from being a qualified CS, he holds a bachelor’s degree in law from Mumbai

University.

‐ He has over 35 years of experience in handling company law and related legislations.

Mr.Rameshwardas C Daga

Sr. Vice President and Company Secretary

‐ Joined the Company in 2011.

‐ Graduate in Commerce fromMumbai University and qualified Chartered Accountant

‐ He is responsible for the overall accounting, finance, and audit and taxation areas.

‐ He has over 35 years’ experience in accounting, corporate finance, investment banking,

and equity research.

Mr.S.Ramnath(Executive Vice President

and CFO)

Page 22 of 24


Financials Income statement (Consolidated) Y/e 31 Dec (Rs cr) CY14 CY15 CY16E CY17E

Revenue 1,719 3,071 3,532 3,955

Operating profit 91 192 267 384

Depreciation (43) (37) (48) (64)

Interest expense (136) (138) (120) (127)

Other income 18 22 22 22

Profit before tax (69) 39 122 215

Taxes (7) 25 (38) (67)

Adj. profit (76) 65 84 149

Exceptional items 96 (124) 0 0

Net profit 19 (59) 84 149

Balance sheet (Consolidated) Y/e 31 Dec (Rs cr) CY14 CY15 CY16E CY17E

Equity capital 16 16 16 16

Reserves 552 493 576 722

Net worth 568 508 591 738

Debt 722 574 594 644

Other LT Liabilities 0 0 0 0

Total liabilities 1,289 1,082 1,185 1,382

Fixed assets 339 352 370 397

Deferred tax asset (net) 15 44 44 44

Investments 0 0 0 0

Net working capital 909 539 703 920

Inventories 1,131 1,175 1,403 1,626

Sundry debtors 413 338 406 509

Other current assets 270 388 464 542

Sundry creditors (889) (1,340) (1,548) (1,734)

Other curr liabilities (17) (23) (23) (23)

Cash 27 148 68 21

Total assets 1,289 1,082 1,185 1,382

Cash flow (Consolidated) Y/e 31 Dec (Rs cr) CY14 CY15 CY16E CY17E

Profit before tax (69) 39 122 215

Depreciation 43 37 48 64

Tax paid (7) 25 (38) (67)

Working capital ∆ (87) 370 (164) (217)

Operating cash flow (121) 472 (32) (5)

Capital expenditure (151) (50) (67) (91)

Free cash flow (272) 422 (98) (96)

Equity raised 141 ‐ ‐ ‐

Investments ‐ ‐ ‐ ‐

Debt fin/disposal 25 (148) 20 50

Dividends paid (1) ‐ (1) (2)

Other items 102 (153) ‐ ‐

Net ∆ in cash (5) 120 (79) (47)

Key ratios (Consolidated) Y/e 31 Dec CY14 CY15 CY16E CY17E

Growth matrix (%)

Revenue growth 8.5 78.7 15.0 12.0

Op profit growth ‐ 110.4 39.6 43.4

EBIT growth ‐ 165.0 36.2 41.9

Net profit growth ‐ ‐ 29.6 77.2

Profitability ratios (%)

OPM 5.3 6.2 7.6 9.7

EBIT margin 3.9 5.8 6.8 8.7

Net margin (4.4) 2.1 2.4 3.8

RoCE 5.6 14.9 21.3 26.7

RoNW (15.6) 12.0 15.3 22.4

RoA (3.8) 2.8 3.2 5.0

Per share ratios

EPS (4.9) 4.2 5.4 9.6

Dividend per share 0.1 0.0 0.1 0.1

Cash EPS (2.2) 6.5 8.5 13.7

Book value per share 36.6 32.7 38.1 47.5

Valuation ratios (x)

P/E ‐ 24.2 18.7 10.6

P/CEPS ‐ 15.5 11.9 7.4

P/B 2.8 3.1 2.7 2.1

EV/EBIDTA 24.8 10.4 7.8 5.7

Payout (%)

Dividend Payout ‐ ‐ 1.1 1.2

Tax payout ‐ ‐ 31.0 31.0

Liquidity ratios

Debtor days 88 40 42 47

Inventory days 240 140 145 150

Creditor days 189 159 160 160

Leverage ratios

Interest coverage 0.5 1.3 2.0 2.7

Net debt / equity 1.2 0.8 0.9 0.8

Net debt / op. profit 7.6 2.2 2.0 1.6

Du‐Pont Analysis Y/e 31 Dec (Rs cr) CY14 CY15 CY16E CY17E

Tax burden (x) 1.1 1.6 0.7 0.7

Interest burden (x) (1.0) 0.2 0.5 0.6

EBIT margin (x) 0.0 0.1 0.1 0.1

Asset turnover (x) 0.8 1.3 1.4 1.3

Financial leverage (x) 4.2 4.3 4.7 4.4

RoE (%) (15.6) 12.0 15.3 22.4

Page 23 of 24

‘Best Broker of the Year’ – by Zee Business for contribution to broking Nirmal Jain, Chairman, IIFL, received the award for The Best Broker of the Year (for contribution to broking in India) at India's Best Market Analyst Awards 2014 organised by the Zee Business in Mumbai. The award was presented by the guest of Honour Amit Shah, president of the Bharatiya Janata Party and Piyush Goel, Minister of state with independent charge for power, coal new and renewable energy.

Recommendation parameters for fundamental reports:

Buy – Absolute return of over +15%

Accumulate – Absolute return between 0% to +15%

Reduce – Absolute return between 0% to ‐10%

Sell – Absolute return below ‐10%

Call Failure ‐ In case of a Buy report, if the stock falls 20% below the recommended price on a closing basis, unless otherwise specified by the analyst; or, in case of a Sell report, if the stock rises 20% above the recommended price on a closing basis, unless otherwise specified by the analyst

India Infoline Group (hereinafter referred as IIFL) is engaged in diversified financial services business including equity broking, DP services, merchant banking, portfolio management services, distribution of Mutual Fund, insurance products and other investment products and also loans and finance business. India Infoline Ltd (“hereinafter referred as IIL”) is a part of the IIFL and is a member of the National Stock Exchange of India Limited (“NSE”) and the BSE Limited (“BSE”). IIL is also a Depository Participant registered with NSDL & CDSL, a SEBI registered merchant banker and a SEBI registered portfolio manager. IIL is a large broking house catering to retail, HNI and institutional clients. It operates through its branches and authorised persons and sub‐brokers spread across the country and the clients are provided online trading through internet and offline trading through branches and Customer Care. Terms & Conditions and Other Disclosures:‐ a) This research report (“Report”) is for the personal information of the authorised recipient(s) and is not for public distribution and should not be

reproduced or redistributed to any other person or in any form without IIL’s prior permission. The information provided in the Report is from publicly available data, which we believe, are reliable. While reasonable endeavors have been made to present reliable data in the Report so far as it relates to current and historical information, butIIL does not guarantee the accuracy or completeness of the data in the Report. Accordingly, IIL or any of its connected persons including its directors or subsidiaries or associates or employees 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, views and opinions expressed in this publication.

b) Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment of its original date of publication by IIFL and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments.

c) The Report also includes analysis and views of our research team. The Report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed in the Report are our current opinions as of the date of the Report and may be subject to change from time to time without notice. IIL or any persons connected with it do not accept any liability arising from the use of this document.

d) Investors should not solely rely on the information contained in this Report and must make investment decisions based on their own investment objectives, judgment, risk profile and financial position. The recipients of this Report may take professional advice before acting on this information.

e) IIL has other business segments / divisions with independent research teams separated by 'Chinese walls' catering to different sets of customers having varying objectives, risk profiles, investment horizon, etc and therefore, may at times have, different and contrary views on stocks, sectors and markets.

f) This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to local law, regulation or which would subject IIL and its affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this Report may come are required to inform themselves of and to observe such restrictions.

g) As IIL along with its associates, are engaged in various financial services business and so might have financial, business or other interests in other entities including the subject company/ies mentioned in this Report. However, IIL encourages independence in preparation of research report and strives to minimize conflict in preparation of research report. IIL and its associates did not receive any compensation or other benefits from the subject company/ies mentioned in the Report or from a third party in connection with preparation of the Report. Accordingly, IIL and its associates do not have any material conflict of interest at the time of publication of this Report.

Page 24 of 24

h) As IIL and its associates are engaged in various financial services business, it might have:‐

(a) received any compensation (except in connection with the preparation of this Report) from the subject company in the past twelve months; (b) managed or co‐managed public offering of securities for the subject company in the past twelve months; (c) received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (d) received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (e) engaged in market making activity for the subject company.

i) IIL and its associates collectively do not own(in their proprietary position) 1% or more of the equity securities of the subject company/ies mentioned in the report as of the last day of the month preceding the publication of the research report.

j) The Research Analyst/s engaged in preparation of this Report or his/her relative

(a) does not have any financial interests in the subject company/ies mentioned in this report; (b) does not own 1% or more of the equity securities of the subject company mentioned in the report as of the last day of the month preceding the publication of the research report; (c) does not have any other material conflict of interest at the time of publication of the research report.

k) The Research Analyst/s engaged in preparation of this Report:‐

(a) has not received any compensation from the subject company in the past twelve months; (b) has not managed or co‐managed public offering of securities for the subject company in the past twelve months; (c) has not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (d) has not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (e) has not received any compensation or other benefits from the subject company or third party in connection with the research report; (f) has not served as an officer, director or employee of the subject company; (g) is not engaged in market making activity for the subject company.

We submit that no material disciplinary action has been taken on IIL by any regulatory authority impacting Equity Research Analysis. A graph of daily closing prices of securities is available at http://www.nseindia.com/ChartApp/install/charts/mainpage.jsp, www.bseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock‐quotes. (Choose a company from the list on the browser and select the “three years” period in the price chart).

Published in 2016. © India Infoline Ltd 2016 India Infoline Limited (Formerly “India Infoline Distribution Company Limited”), CIN No.: U99999MH1996PLC132983, Corporate Office – IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 Tel: (91‐22) 4249 9000 .Fax: (91‐22) 40609049, Regd. Office – IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B‐23, MIDC, Thane Industrial Area, Wagle Estate, Thane – 400604 Tel: (91‐22) 25806650. Fax: (91‐22) 25806654 E‐mail: [email protected] Website: www.indiainfoline.com, Refer www.indiainfoline.com for detail of Associates. National Stock Exchange of India Ltd. SEBI Regn. No. : INB231097537/ INF231097537/ INE231097537, Bombay Stock Exchange Ltd. SEBI Regn. No.:INB011097533/ INF011097533/ BSE‐Currency, MCX Stock Exchange Ltd. SEBI Regn. No.: INB261097530/ INF261097530/ INE261097537, United Stock Exchange Ltd. SEBI Regn. No.: INE271097532, PMS SEBI Regn. No. INP000002213, IA SEBI Regn. No. INA000000623, SEBI RA Regn.:‐ INH000000248.

For Research related queries, write to: Amar Ambani, Head of Research at [email protected] For Sales and Account related information, write to customer care: [email protected] or call on 91‐22 4007 1000

Date post:	23-Aug-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

ITD Cementation 090316 - India...

Documents