McNally bags order worth Rs69cr
McNally Bharat Engineering’s MHE division has bagged order from Tata Projects Ltd worth Rs25cr Design , engineering and supply of Coal Grinding Plant Structure. Order is to be delivered over 8 months. Company has also bagged order worth Rs44cr from Brahmaputra Cracker & Polymer Ltd for Construction of offsite Cracker Complex. Order is to be delivered over 20 months.
With this standalone order book currently stands at Rs3900cr (2.2c FY2011 standalone revenue. On a consolidated basis, we estimate the company’s order book to stand at Rs4,278cr as of 4QFY2011 (2.4x FY2010 consolidated revenue), led by the power sector, which lends high revenue visibility. We maintain our Buy view on the stock.
At Rs172, the stock is available at attractive valuations of 7.1x and 5.4 FY2012E and FY2013E earnings and 3.9x & 3.1 FY2012E &FY2013E EV/EBITDA. We maintain our Buy rating on the stock, with a Target Price of Rs255.
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