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Sunday, December 25, 2011

ISGEC Heavy Engineering Ltd:-Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:ISGEC Heavy Engineering Ltd

Story:The ISGEC Group, with a turnover of Rs.12 Billion, is a multi-product Heavy Engineering Company owned by the Saraswati Industrial Syndicate Ltd., a public company established in 1933 in India. During the quarter ended, the robust growth of revenue is increased by 53.92% to Rs. 8171.30 million. The Company changed its name from Saraswati Industrial Syndicate Ltd. to ISGEC Heavy Engineering Ltd. in August 2011. ISGEC Heavy Engineering Ltd. is certified with ISO 9001:2008 Approval by Lloyds Register of Quality Assurance. Net Sales and PAT of the company are expected to grow at a CAGR of 24% and 11% over 2010 to 2013E respectively.ISGEC Heavy Engineering Ltd has reported net profit of Rs 224.20 million for the quarter ended on September 30, 2011 as against Rs. 174.00 million in the same quarter last year, an increase of 28.85%. It has reported net sales of Rs.8171.30 million for the quarter ended on September 30, 2011 as against Rs.5308.90 million in the same quarter last year, a rise of 53.92%. Total income grew by 53.88% to Rs 8270.40 million from Rs.5374.70 million in the same quarter last year. During the quarter, it reported earnings of Rs 30.42 a share.At the current market price of Rs.750 the stock is trading at 6.8 x FY12E and 4.9 x FY13E respectively. Earning per share (EPS) of the company for the earnings for FY12E and FY13E is seen at Rs.113.01 and Rs.152.38 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 24% and 11% over 2010 to 2013E respectively. On the basis of EV/EBITDA, the stock trades at 3.28 x for FY12E and 2.62 x for FY13E. Price to Book Value of the stock is expected to be at 1.06 x and 0.88 x respectively for FY12E and FY13E.We expect that the company will keep its growth story in the coming quarters also.We recommend ‘BUY’ in this particular scrip with a target price of Rs.914.00 for Medium to Long term investment.

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