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Thursday, May 21, 2009

Shriram EPC-Engineering The Future

Scripscan:Shriram EPC ltd

1)What Does The Company Do? Industrial Capex, Renewable Energy,Municipal Services, Steel,Power,Urban Infrastructure, Biomass Plants,Water Treatment, Pipe Rehab, Air
Population, Trenchless maintenance of Urban Sewerage

2)Order Book:2XTTM Revenues Rs 2000 crore,Orders from Grasim, Malco,VedantaCopper, Saint Gobain, JSW, RINL &Sail Rourkela and Burnpur and Vizag Steel.

3)Technical Partnerships:Hamon, Danieli, Siemens,Envirotherm, CPT, Angerlehner.

4)Produce Wind Turbines upto 120 MW,Holds 300 MW of Clean Energy,Portfolio with Orient Green Power,$ 75 mn raised as Equity,VC Funding Rs 322 crore.

5)Financials:3 Year Revenue and PAT CAGR Growth 120 % and 117 per cent FY08,9 M Revenues to December 2008 Rs/Cr 616 699,9 M PAT to December 2008 Rs/cr 25.8 35
Equity (FV Rs 10) Rs/Cr 43 43
EPS Rs (Non Annualised) 6 9.8
TTM EPS expected at 13
Engineering Sector FY10 PE 15
18 Month PO Rs 195-225

6)IPO of 5 mn shares at Rs 300 per share raised Rs 150 crore, stock listed (Most of IPO money still held as cash).

7)Who Owns Shriram EPC? %
Shriram Industrial Holdings Chennai 42.6
Galleon Special Opportunities Fund 4.61
New Vernon 1.86
New Vernon 4.04
Bessemer Ventures 24.18
Argonaut Ventures 2.88
NMS 1.53
RIL MF 4.18
UTI MF 8.74
Total Promoters+Institutions % 94.62
Public Holding Of Equity % 5.38

8)Whom To Rely Upon?JNNURM Rs 50,000 crore spread over 2007-2012,Sewer Rehab in 4 Metros Rs 1500 crore,Massive Sewer Rehab Orders from Municipal,Bodies of Chennai, Ahmedabad & Cooling Towers for Jindal, Tisco. L&T,Reliance, Vedanta, Adani & Bhel

9)Orient Green Power may be listed separately.

Conclusion:Shriram EPC ltd -A great buy at lower levels.

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