Why too much cash is bad for a mutual funds scheme’s health

With the stock market going through volatile times, many fund managers seem to be moving to cash. According to data from Ace Mutual Fund database, more than 20 diversified equity funds currently have a cash allocation of above 10 percent in their portfolios. While it may seem like a safe call, Many fund manager say that it should depend on the fund’s mandate. Many fund houses have in-house rules that forbid their fund managers from going into cash above five-six percent.

To reduce the mid-cap pain

The ongoing correction in mid- and small-cap stocks has forced many fund managers to seek refuge in cash. “Many funds with a mid- and small-cap mandate and even others that had taken large exposure to these stocks during the rally have been hit in a big way. These funds have moved into cash to reduce the pain from the correction.” Funds that have booked timely profits in mid- and small-cap stocks too have been left holding high levels of cash.

Many funds are still adjusting their portfolios to comply with Sebi’s new categorisation norms. If, for instance, large-cap funds had taken high exposure to mid-caps to boost their returns, they are now selling those stocks to turn compliant with the new norms.

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Another reason is that political uncertainty is affecting sentiment. “Several state elections are due this year, and then we have the general elections next year. Many fund managers are sitting on cash because of the current volatility in the markets, and to see how things shape up politically. Some funds, such as value funds and dynamic asset allocation funds, allocate to equities based on market valuations. When valuations move high, they move into cash.

How to choose the best mutual fund for your portfolio

Steady inflows, but few opportunities

Many fund managers are also facing the problem of plenty. While the industry is receiving monthly inflows of Rs 75 billion through systematic investment plans, there aren’t many opportunities due to the high valuations in the midcap and smallcap segments. Even many large-cap stocks seem overvalued.

1530117850-1841There are risks too

During the financial crisis of 2008, many fund managers had gone heavily into cash to prevent their funds from correcting deeply. However, when the markets rebounded in 2009, these funds were left on the sidelines. Their performance took a knock, and it took them several quarters to catch up with peers who were fully invested. After this, many fund houses introduced internal rules stipulating that fund managers should not gain more than five percent exposure to cash. When fund managers take high cash allocation calls, it implies that they are trying to time the market, a tricky thing for any fund manager to pull off consistently.”

When funds take large cash calls, it also skews the investor’s asset allocation. A simple example will help illustrate this point. Suppose that an investor wants 50 percent equity and 50 percent fixed income exposure in his portfolio. He invests the 50 percent in an equity fund. But the fund manager invests only 70 percent of his fund portfolio in equities. As a result, the investor’s equity allocation falls to 35 percent. This is a more conservative allocation than he desires and could affect his long-term returns. Asset allocation is best left to investors themselves.

Exceptions to this rule

While most equity funds should stay almost fully invested, dynamic asset allocation funds and value funds are exceptions. Dynamic asset allocation funds, as their name implies, take asset allocation calls, often based on a formula. When markets become expensive, as indicated by price to earnings (P/E) or price to book value (P/BV) ratio, they reduce allocation to equities, and vice-versa.

What are Dynamic Funds? ( Video )

Value-oriented funds are the other exception. Quantum Long Term Equity Value Fund, for instance, doesn’t shy of parking a considerable portion of its portfolio in cash if the situation warrants. Says Atul Kumar, head-equity funds, Quantum Asset Management: “If we find value in stocks, we stay invested. But many of the stocks that we held reached the sell limit we had set for them, so we were forced to sell them. We are also finding fewer new opportunities. That is why our cash level has gone up. It is not a tactical call. It comes out of our bottom-up, process-driven approach.”

PPFAS Long Term Equity Fund currently has a cash allocation of 23.28 percent. Explaining the fund’s approach, Rajeev Thakkar, chief investment officer and director, PPFAS Mutual Fund says: “We don’t start off with any target cash position. Our objective is to deploy everything in equities. But if we find stocks worth investing in only up to 77 percent of our corpus, then 23 percent will be the residual cash that will lie around till we find suitable opportunities.”

Going into cash can prove advantageous in certain situations. Says Thakkar: “If there is a significant correction, the cash position could become a significant factor responsible for outperformance.” He adds that being in cash also gives the fund manager opportunities to buy stocks at attractive valuations when the markets or select stocks correct.

According to Radhika Gupta, CEO edelweissamc taking large cash calls in long only funds … something to avoid because it distorts the asset allocation of an investor, given they are investing in a relative return fund.

EPFO withdrawal: Get provident fund money fast, here is how

In a significant decision, the retirement fund body Employees Provident Fund Organization (EPFO) on Tuesday gave more flexibility to subscribers for withdrawing their employee provident fund (EPF) kitty. EPFO subscribers will now be given the option to partially withdraw from EPF kitty after one month of unemployment or leaving the job. The EPF account holder can also keep its account active with the EPFO. The latest move will benefit about 5.5 crore subscribers. EPFO manages a corpus of over Rs 10.5 trillion.

EPFHere are five things to know about the new provident fund (PF) withdrawal rules:

1) Currently, an EPFO subscriber can withdraw the accumulated funds in EPF kitty after two months of unemployment and settle the account in one go.

2) Under the new EPF withdrawal rules, EPFO subscribers will an the option to withdraw 75% of accumulated corpus after one month of unemployment and at the same time keep the account active.

EPFO starts Investment in equity markets from Today

3) Also under the new rules, EPFO subscribers will have the option to withdraw the remaining 25% of their funds and go for final settlement of account after completion of two months of unemployment.

4) “EPFO has decided to amend the scheme to allow members to take advance from its account on one month of unemployment. He can withdraw 75 percent of its funds as advance from its account after one month of unemployment and keep its account with the EPFO,”

How to withdraw your PF for purchasing home

5) The new rules would give an option to subscribers to keep their account with the EPFO, which they can use after regaining employment again. “EPFO are trying to give subscribers a window to take out a sizable portion of the corpus, yet not close the account. When he gets a new job, he can transfer the old account money to the new account with the new employer,”

Currently, an EPFO subscriber needs to contribute to his EPF account consecutively for at least 10 years to become eligible for a pension. However, if a person closes his or her EPF account two months after losing a job, it may affect the person’s pension eligibility.

In another development, the central board of EPFO has also sought the approval of the finance ministry before deciding on diversifying its equity portfolio beyond the Nifty 50 and Sensex 30 stocks. The EPFO had started investing in ETFs in 2015 with a mandate of investing 5% of its investible deposits in the equity-linked schemes. The proportion was increased to 10% in 2016-17 and 15% subsequently in 2017-18.

Varroc Engineering IPO Review

Varroc Engineering Pvt Ltd is global providers of automotive parts. The company manufactures and supplies components and subassemblies for automobile, consumer durable, and white goods industries. They offer injection molded engineering plastic components, multilayer co-extruded thermoplastic sheets, injection and compression molded automotive and allied rubber products, polyurethane foam seat assemblies, rear view mirrors, air cleaner assemblies, and acrylic and polyurethane painted parts.

The company has three subsidiaries namely, Durovalves India Pvt Ltd, Varroc Exhaust Systems Pvt Ltd and Varroc European Holding BV. The company is based in Aurangabad, India with manufacturing plants in Noida, Gurgaon, Delhi, Pantnagar, Chennai, Pune, and Mumbai, India; Amsterdam, the Netherlands; Warsaw, Poland; and Milan, Italy.

Varroc Engineering Pvt Ltd was incorporated in the year 1988. During the year 2001-02, the company entered into technical collaboration/ assistance agreements with Mitsuba Corporation, Japan for the manufacture of Flywheel Magneto Assemblies and Driver Gear for Starter Motor. Also, they came into technical collaboration/ assistance agreements with Shindengen Manufacturing Company Ltd, Japan for the manufacture of CDI & RR.

VarrocDuring the year 2004-05, the company entered into agreements with Electric Components & Industries Europe Srl, Italy for the acquisition of designs of Electronic Dashboard and LED Tail Light relating to the manufacture of dashboard instrument cluster and lighting equipment of motorcycle.

During the year 2005-06, the company increased the production capacity at various units namely Auto Electric Switches at Waluj Pant-IV, Plastic Auto Components at Pune Plant-I, Rear view Mirror Assembly at Pune Plant-II and Automobile Seat Assembly at Pune Plant-II. They commenced commercial production in their Binola Plant and Waluj Plant-VII from January 1, 2006 and March 1, 2006 respectively.

Varroc Engineering Ltd. raised Rs 583.73 crore by selling shares to 30 anchor investors.

The international anchor investors included Schroder International Selection Fund, Nomura Fund Ireland Public Ltd., DSP BlackRock, First State Investments, while L&T Mutual Fund, Bajaj Allianz Life Insurance, ICICI Prudential AMC, Kotak Mutual Fund and SBI Mutual Fund were some of the domestic funds which participated in the anchor allotment.

List of the anchor investors

Download (PDF, 493KB)

The promoter and two investors will sell shares to raise up to Rs 1,950 crore through the IPO of the Aurangabad-based company which supplies parts to Jaguar Land Rover, Bentley and even Tesla Inc.

Tata Group’s investment arms – Tata Capital and Omega TC – and promoter Tarang Jain will offload 2 crore shares at Rs 965-967 apiece. The world’s sixth largest exterior automotive lighting maker won’t get any share of the proceeds.

Varroc Engineering IPO Dates & Price Band:

  • IPO Open: 26-June-2018
  • IPO Close: 28-June-2018
  • IPO Size: Approx Rs.1945 Crore (Approx)
  • Face Value: Rs.1 Per Equity Share
  • Price Band: Rs. 965 to 967 Per Share
  • Listing on: BSE & NSE
  • Retail Portion: 35%
  • Equity: 2,02,21,730 Shares

Market Lot:

  • Shares: Apply for 15 Shares (Minimum Lot Size)
  • Amount: Rs.14,505

IPO Allotment & Listing:

  • Basis of Allotment: 3-July-2018
  • Refunds: 4-July-2018
  • Credit to demat accounts: 5-July-2018
  • Listing: 6-July-2018

The promoters:

Tarang Jain

Main objects of the issue are:

1) to achieve the benefits of listing the Equity Shares on the Stock Exchanges and
2) to carry out the Offer for Sale by Selling Shareholders

Lead Managers:

Citigroup Global Markets India Private Limited
Credit Suisse Securities (India) Private Limited
IIFL Holdings Limited
Kotak Mahindra Capital Company Limited

Registrar to the IPO:

Link Intime India Private Limited

Our Strengths

We believe that the following are our primary strengths

Strong competitive position in attractive growing markets

Our Strategies

Focus on high growth markets for our Global Lighting Business

Focus on increasing customer revenue for our India Business

Continue to invest in our R&D, design, engineering and software capabilities in order to capitalize on future trends.

Pursue strategic joint ventures and inorganic growth opportunities

Focus on operational efficiency

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Qualitative Factors

Strong competitive position in attractive growing markets

Strong, long-standing customer relationships

Comprehensive product portfolio

Low cost, strategically located manufacturing and design footprint

Robust in-house technology, innovation and R&D capabilities

Consistent track record of growth and operational and financial efficiency

ICICI Sec. IPO Review and the list of anchor investors

45

Positive

The company’s Global Lighting Business, which focuses on the design, manufacture, and supply of exterior lighting for passenger vehicles, is the sixth-largest tier-1 automotive exterior lighting manufacturer globally and one of the top three independent exterior lighting players (by market share in 2016) (Source: Yole).

Strong, long-standing relationships with many of its customers. In the Global Lighting Business, it has a relationship with a large British car manufacturer since 2006. In the Indian Business, it has a longest-standing relationship is with Bajaj since 1990.

It has a comprehensive portfolio of products in the markets which allow it to be a one-stop-shop for the customers and to cross-sell products.

A global footprint of 36 manufacturing facilities spread across seven countries, with six facilities for the Global Lighting Business, 25 for India Business and five for other Businesses.

Key Parameter 

The Revenue is growing at CAGR of 13.96% from FY15 to FY18.

The PAT is growing at CAGR of 10.43% from FY14 to FY18.

The company is has total debt of around 1390 Cr on books as on 9MFY18.

The Company’s EBITDA Margins are in the range of 6-10% in last 4 years.

The Company is generating positive cash flows from operations from FY13-17

Financials:

Total Income of 2016-17 INR 9702.87 Crore

Total Income of 2017-18(9M) INR 7415.42 Crore

Net Profit of 2016-17 INR 303.39 Crore

Net Profit of 2017-18 (9M) INR 307.96 Crore

Earnings per Share (EPS) INR 27.74

Earnings per Share 2017-18 (9M) INR 22.84

Earnings per Share 2017-18 (12M) INR 30.45( expected )

Equity Capital as on 31.12.2017 INR 134.81 Crore

Upper Price Band/last EPS: 31.76

Book Value of the Share as on 31.12.2017 INR 212.06

Upper offer price/Book Value Ratio: 4.56

Return on Net Worth: 13.88% for 2016-17

ICICI Sec. IPO Review and the list of anchor investors

Negative

There is outstanding litigation against its Company, its Subsidiaries and its Directors which, if adversely determined, could affect its business and results of operations.

Pricing pressure from customers may adversely affect its gross margin, profitability and ability to increase its prices, which in turn may materially adversely affect its business,results of operations and financial condition.

Its business is dependent on certain major customers, with whom we do not have firm commitment agreements. The loss of such customers, a significant reduction in purchases by such customers, or a lack of commercial success of a particular vehicle model of which we are a significant supplier could adversely affect its business, results of operations and financial condition.

Varroc is exposed to counterparty credit risk of its clients and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations.

Varroc is heavily dependent on the performance of the global passenger vehicle market and the two wheeler and three wheeler markets in India. Any adverse changes in the conditions affecting these markets can adversely impact its business, results of operations and financial condition.

Varroc failure to identify and understand evolving industry trends and preferences and to develop new products to meet its customers demands may materially adversely affect its business.

Varroc is subject to environmental and safety regulations that may adversely affect its business and we have been subject to environmental notices in respect of certain of its manufacturing facilities and may be subject to further notices in the future.

Varroc employees are members of unions and we may be subject to industrial unrest, slowdowns and increased wage costs, which may adversely affect its business and results of operations.

Varroc insurance coverage may not be adequate to protect us against all potential losses, which may have a material adverse effect on its business, financial condition and results of operations.

Varroc has unsecured borrowings that may be recalled by the lenders at any time.

Varroc has experienced negative cash flows in prior periods and any negative cash flows in the future could adversely affect our financial condition and the trading price of its Equity Shares.

Valuation

At the higher price band of Rs 967, the P/E on FY 2018 EPS (on current diluted equity of Rs 13.48 crore) of Rs 33.4 works out to 29. Currently, all the comparable listed players are trading at very high P/E multiples.

Minda Industries, Motherson Sumi Systems and Endurance Technologies are some of the comparable listed peers. Minda Industries reported consolidated net sales of Rs 4470.56 crore and Pat of Rs 310.19 crore in FY 2018, giving an EPS of Rs 35.6. At the current market price of Rs 1262, the stock trades at around 35.4 times its FY 2018 consolidated earnings.

Motherson Sumi Systems reported consolidated net sales of Rs 56293.32 crore and Pat of Rs 1597.01 crore, giving an EPS of Rs 7.6. At the current market price of Rs 307, the stock trades at around 40.5 times its FY 2018 consolidated earnings.

Endurance Technologies reported consolidated net sales of Rs 6538.14 crore and Pat of Rs 390.75 crore, giving an EPS of Rs 27.8. At the current market price of Rs 1262, the stock trades at around 45 times its FY 2018 consolidated earnings.

Grey Market Trend

As on 26 June 2018 GMP Rs. 62/-, Kostak Rs.350/-

Disclaimer: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor before making any actual investment decisions, based on information published here.

 

RITES Ltd IPO Review

RITES Ltd. are a wholly owned Government Company, a Miniratna (Category –I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India and the only company having diversified services and geographical reach in this field under one roof.(Source: IRR Report). Based on Public Enterprise Survey 2015 – 2016

RITES Ltd. Company is ranked no. 1 based on net profit and dividend declared in Industrial Development and Technical Consultancy Services sector (Source: IRR Report) .

RITES Ltd. have an experience spanning 44 years and have undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions. RITES Ltd. are the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). RITES Ltd. are a multidisciplinary engineering and consultancy organization providing diversified and comprehensive array of services from concept to commissioning in all facets of transport infrastructure and related technologies.

RITES Ltd. have significant presence as a transport infrastructure consultancy organization in the railway sector. However, RITES Ltd. also provide consultancy services across other infrastructure and energy market sectors including urban transport, roads and highways, ports, inland waterways, airports, institutional buildings, ropeways, power procurement and renewable energy. RITES Ltd. have, over the years, served various public sector undertakings, government agencies and instrumentalities and large private sector corporations, both in India and abroad.

RITES Ltd. were incorporated by the Ministry of Railways, Government of India (“MoR”) and have the benefit of being associated with the Indian Railways, which is the fourth longest rail network in the world (Source: IRR Report ).

RITES-Limited-1Since its inception in 1974, RITES Ltd. have evolved from its origins of providing transport infrastructure consultancy and quality assurance services and have developed expertise in Design, engineering and consultancy services in transport infrastructure sector with focus on railways, urban transport, roads and highways, ports, inland waterways, airports and ropeways;

Leasing, export, maintenance and rehabilitation of locomotives and rolling stock;
 
Undertaking turnkey projects on engineering, procurement and construction basis for railway line, track doubling, 3rd line, railway electrification, up gradation works for railway transport systems and workshops,railway stations, and construction of institutional/ residential/ commercial buildings, both with or without equity participation; and
Wagon manufacturing, renewable energy generation and power procurement for Indian Railways through our collaborations by way of joint venture arrangements, subsidiaries or consortium arrangements.

 

RITES-Limited-2

In India, its clients include various central and state government ministries, departments, instrumentalities as well as local government bodies and public sector undertakings.These include Indian Railways,NTPC, Dedicated Freight Corridor Corporation of India Limited,High Speed Rail Corporation of India Limited, Public Works Department,DMRC, Steel Authority of India Limited, Rashtriya Ispat Nigam Limited, Hindustan Petroleum Corporation Limited, Bharat Coking Coal Limited, Metro Link Express for Gandhinagar and Ahmedabad (MEGA) Company Limited,Indian Port Rail Corporation Limited, Airports Authority of India, among others. We also engage with various large private sector corporations including L&T Metro Rail (Hyderabad) Limited, Kanti Bijlee Utpadan Nigam Limited(KBUNL), Cimmco Limited,Titagrah Wagons Limited, Snowmex Engineers Limited, Unity Infraprojects Limited, Rajdeep Buildcon PrivateLimited, Mahalsa Constructions Private Limited, Marymatha Constructions Limited,AFCON Infrastructure Limited, INCAP, ARK Services, MNEC Consultants Private Limited, Indian Geotechnical Services Limited,Geokno India Private Limited and NATRIP Implementation Society among others.

RITES Ltd IPO Dates & Price Band:

  • IPO Open: 20-June-2018
  • IPO Close: 22-June-2018
  • IPO Size: Approx Rs.466 Crore (Approx)
  • Face Value: Rs.10 Per Equity Share
  • Price Band: Rs.180 to 185 Per Share
  • Listing on: BSE & NSE
  • Retail Portion: 35%
  • Equity: 2,52,00,000 Shares
  • Discount: Rs.6 (Retail & Employees)

Market Lot:

  • Shares: Apply for 80 Shares (Minimum Lot Size)
  • Amount: Rs.14,800 (For HNI & QIB)
  • Amount: Rs.14,320 (For RII & EMP)

Allotment & Listing:

  • Basis of Allotment: 28-June-2018
  • Refunds: 29-June-2018
  • Credit to demat accounts: 02-July-2018
  • Listing: 03-July-2018

Lead Managers:

1. Elara Capital (India) Private
2. IDBI Capital Market Services Limited
3. IDFC Bank Limited
4. SBI Capital Markets Limited
4 book running lead managers handled 31 Public issues during last 3 years and out of which  10 issues closed below the offer price on listing day.

Registrar to the IPO:

Link Intime India Private Ltd

The Offer and the Objects

This IPO is part of Government’s disinvestment plan.

The government wants to divest 12.6 percent of its stake in the company.

The IPO comprises an offer for sale (OFS) of 2.52 crore shares.

Competitive Strengths

Comprehensive range of consultancy services and a diversified sector portfolio in the transport infrastructure space

Large order book with strong and diversified clientele base across sectors

Technical expertise and business divisions with specialized domain knowledge

Experienced management personnel and technically qualified team

Strong and consistent financial performance supported by robust internal control and risk management system

Preferred consultancy organization of the Government of India including the Indian Railways

Strategies

Leverage our experience and continue to build on our core competencies in transport infrastructure sector

Strengthen our EPC/Turnkey business

Expand our international operations

Expand our operations in the power procurement and renewable energy sector through our subsidiary, Railway Energy Management Company Limited, which is the only entity mandated for procurement of power from third parties and for captive renewable energy generation, for the Indian Railways

Overview of Indian Infrastructure Industry

GoI has been very proactive and has brought in a variety of measures to step up public investments – which include substantial increase in budgetary outlays in high – impact sectors, push for private sector investments, building institutional capacity through establishment of new infrastructure PSUs, and intensive implementation follow – up for completion of projects. This is reflected in the strong growth of the infrastructure sector since 2002. The sectoral investments over the last 3 five year plans are shown in the table below.

infrastucture
trend

Positive

The standalone order book of Rs 4818.68 crore end March 2018 included 353 ongoing projects of over Rs 1 crore each. Around 53% of the orders are from consultancy services, 3% from leasing services, 14% from overseas customers and around 30% is from turnkey construction projects. Of the total contracts on hand, 77% are from Central and state governments and the rest from others. The order book comprises a highest value export order of Rs 680 crore from Srilankan Railways for supply of locomotives.

Most of the local and global clients are Central government, state governments, national governments, governmental instrumentalities, corporations, authorities and PSUs and large private organisations. There has been no incidence of any bad debts or non-recovery of dues.

As per the Planning Commission, railways will see an investment of around Rs 4.9 trillion in the 13th Five_year Plan ending in March 2022 (FY 2022) compared with Rs 2.4 trillion in the 12th plan that ended in FY 2017. A significant increase in investments will boost the order book and earnings.

The asset-light business model is useful to make handsome gains.

More than 65% of the revenues come from sale of services and around 25% from sale of products and rest from others.

Hindustan Aeronautics Limited IPO Review and Current GMP

Negative

There are outstanding legal and tax proceedings involving the Company. Any adverse decision in such proceedings may expose us to liabilities or penalties and may adversely affect its business, financial condition, results of operations, cash flows and future prospects.

RITES Ltd. depend on the Ministry of Railways, GoI (“MoR”), central/state governments and central/state PSUs fora significant portion of contracts on its order book which are awarded on a nomination basis. There is no assurance that future contracts will be awarded to us on nomination basis by these clients. This may result in an adverse effect on its business growth, financial condition and results of operations.

RITES Ltd. depend on the MoR for a significant portion of its business including equipment, technical staff etc. Any changes in the government policies or decisions by the MoR may result in an adverse effect on its business growth, financial condition and results of operations.

RITES Ltd. current order book may not necessarily translate into future income in its entirety or could be delayed. Some of its current orders may be modified, cancelled, delayed, put on hold or not fully paid for by its clients, which could adversely affect its business reputation, which could have a material adverse effect on its business, financial condition, results of operations and future prospects. negative

RITES Ltd. face certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors is expected to make its ability to procure business in future more uncertain which may adversely affect its business, financial condition and results of operations.

RITES Ltd. are dependent on the line of credit provided by the GoI and other funding agencies provided to countries that we operate in. In the event there is any change in the policies of the GoI or the funding agencies or the countries utilization of line of credit or the line of credit is withdrawn or reduced, its business and operations may be adversely affected.

The GoI has significant influence over its actions which may restrict its ability to manage its business. Any change in GoI policy could have a material adverse effect on its financial condition and results of operations. Further, announcements by the GoI relating to increased salary and allowances for government and public sector employees will increase its expenses and may adversely affect its financial condition in the years of implementation.

RITES Ltd. enter into joint ventures and consortium arrangements for completion of its projects which may expose us to additional liabilities on account of its partners failure or underperformance and any premature termination of which, may adversely affect its business, reputation, financial condition and results of operations.

Financials

Date Total Revenue Total Expenses Profit after Tax
9M FY 2018 Rs. 1,061.1 Rs. 669.4 Rs. 239.0
FY 2017 Rs. 1,563.7 Rs. 1,044.7 Rs. 353.3
FY 2016 Rs. 1,226.7 Rs. 773.2 Rs. 280.0
FY 2015 Rs. 1,159.1 Rs. 691.8 Rs. 314.0
FY 2014 Rs. 1,223.5 Rs. 835.8 Rs. 258.8
FY 2013 Rs. 1,083.1 Rs. 753.5 Rs. 238.1
**(All Figures in Rs. Crores)

 Valuations

  • Earnings Per Share (EPS): Rs. 17.64
  • Price/Earnings (P/E) ratio: Rs. 10.20 – Rs. 10.48
  • Return on Net Worth (RONW): 17.28%
  • Net Asset Value (NAV): Rs. 102.06

Grey Market Trend

As on 19 June 2018 GMP INR 32, Kostak INR 400

Disclaimer: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor before making any actual investment decisions, based on information published here.