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Wednesday, April 8, 2009

Valecha Engineering Ltd:-A value play on the infrastructure arena

Scripscan:Valecha Engineering Ltd

Story:The company is primarily in the road construction business, from which it derives 70% of its revenues. Its road projects are present across many states in the country.The company has over the years moved up the value chain and has qualified itself in high-end engineering projects such as irrigation, dams, power projects, tunnels, railways, and so on.Valecha Engineering Ltd (VEL) has informed BSE that the Company has recently bagged new projects worth Rs 136.00 crores approximately which includes Road Resurfacing of Runway at Srinagar worth Rs 71.00 crores approximately and construction of Under pass at Rotary near Domestic Airport along road connecting to DWARKA at Delhi worth Rs 65.00 crores.Company's MiddleEast operations are also progressing well and the Company has formed a Wholly Owned Subsidiary in the name of - Valecha International FZE at Sharjah at UAE.The company is among the few players to own a large number of hydraulic piling rigs used to lay pile foundations for heavy structures. Ownership of equipment and relatively low competition in this segment provides lucrative margins for the company.Valecha Engineering's revenue is concentrated on the road segment.Any slowdown in the order flows due to policy changes may have an impact on the revenues.The revenue growth may stagnate if the company is unable to expand its equity base to qualify for new projects.Exposure to the stock can be considered with an investment perspective of two years.However downside from present levels looks minimal.

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