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Wednesday, September 16, 2009

Tantia Constructions Ltd:Future growth outlook and prospects

Scripscan:Tantia Constructions Ltd

Story:Tantia Constructions Ltd. (TCL) is a leading infrastructure company in Eastern India having a diverse project portfolio which includes among others Railways, Roads & Highways, Urban Infrastructure, Tunnels, Bridges and Marine Infrastructure. TCL is
among the first Indian Companies to have been accredited with “ISO 9001:2000” management system certificate in 2001, from DNV, Netherlands. The Union Budget 2009-10 has allocated nearly Rs 1,60,000 crore towards the infrastructure sector. This impetus in going to augur well for specialized core infrastructure companies like TCL. With an order book of more than Rs 1900 crore (to be executed by FY2011) for TCL,there is revenue visibility for the next few years, with the order book at 4x FY09 revenues. TCL is one of the very few companies that cater to almost all Civil Engineering verticals. It has presence in construction of Roads & Highways, Bridges, Railway Infrastructure, Aviation Infrastructure, Power Transmission, Marine Infrastructure, Urban Infrastructure development and building hospitals.This helps TCL to diversify its project portfolio, as well as to bid for a large number of projects across India.Almost all major clients of TCL are PSUs like Eastern Railway, Kolkata Metro Railway, DMRC, NHAI, state PWDs, HRBC, HIDCO, KMC, KMDA, NTPC, NEEPCO, IOC, AAI etc. This reduces payment risks and ensures support from the government agencies in executing projects of national importance.As on 31st March, 2009, 78% of TCL’s order book consists of repeat business. This is a reflection of its customer loyalty, which is a result of the company’s excellent track record of execution abilities and customer focus.TCL is well poised to gain from the fillip given to theinfrastructure sector. At the current price of Rs. 99.60,TCL is trading at 6x FY10E earnings.We recommend a BUY on the stock with a 12 month target price of Rs. 135 at 10x FY10E earnings, giving it an upside potential of 36%.

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