June 2, 2017 - Jeena Scriptech Alpha Advisors

Ramky Infrastructure Ltd
Construction & Engineering
FV – Rs 10; 52wks H/L –121.85/51.8; TTQ – 61 K; CMP – Rs 102 (As On June 2nd 2017);

Market Cap – Rs 583 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)

Equity Capital	Net worth	Long Term Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
57.20	736	3245	2342	17.30	129	3.02	33.8	21.72	0.8	67.76	1.71

Standalone Financials and Valuations for Q3 FY17

Equity Capital	Net worth	Total Sales	PAT	BV (Rs)	TTM EPS (Rs)	TTM P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
57.20	58	907	-28.89	10	-5.06	–	21.72	10.2	67.76	1.71

Valuation Parameters:

Long Term Debt to Equity – 4.41
ROE % – 2.4
Market Cap/Sales – 0.2

The flagship company of the Ramky Group, Ramky Infrastructure Ltd. is one of the leading infrastructure companies in India with a wide sectorial presence.

Key Updates:

On 8^th May 2017 Ramky Infrastructure Ltd has been awarded project worth Rs 336.60 crore in Jharkhand by NHAI on EPC (engineering, procurement and construction) mode. http://economictimes.indiatimes.com/industry/indl-goods/svs/construction/ramky-infrastructure-wins-rs-337-crore-contract-from-nhai-in-jharkhand/articleshow/58576702.cms

State Advisory Board for Development of Kissans (SABDK) Monday asked RAMKY Infrastructure Ltd that is executing 4-lanning project of the Srinagar Jammu highway to instantly start dewatering operations of agricultural land and make functional the installed drainage system, so that farmers commence paddy plantation in time. http://kashmirreader.com/2017/05/09/ramky-infrastructure-asked-dewater-inundated-paddy-field-along-highway/

Overview:

Ramky Infrastructure Limited is an construction, infrastructure development and management company.
The Company operates through segments, including Construction business and Developer business.
It operates the engineering, procurement, construction (EPC) business in the sectors, including water and waste water projects; roads and bridges projects; building construction; irrigation projects; industrial construction projects, and power transmission and distribution projects.
The company’s water and wastewater projects include water treatment plants, water transmission and distribution systems and lake restorations, among others.
Its roads and bridges projects include expressways, highways, bridges, flyovers, rural roads and terminals. Its building construction projects include commercial, residential, public, institutional, corporate buildings and mass housing, among others. Its irrigation projects include cross-drainage works.

Ramky Infra operates through the following 3 principal business modes:

Engineering, Procurement & Construction (EPC) Business which is operated by the Company,
Developer Business which is operated through 13 wholly owned subsidiaries, 6 Subsidiaries, 2 Jointly Controlled entities, 1 Association of person and 2 Associates & 3 step down subsidiaries of the Company. A majority of the development projects are Public Private Partnerships and are operated by separate special purpose vehicles (SPVs) promoted by the Company and other Companies/undertakings and

International Business which is operated through 100% wholly own subsidiary ‘Ramky Engineering and Consulting Services’, located in Sharjah, UAE.

Management:

Mr. Y. R. Nagaraja – CEO/MD
Mr. I.W. Vijay Kumar – CFO

Major Non-Promoter Holdings:

Sr.No	Non – Promoters	No. of Shares held	% of shares held
1	SA 1 Holding Infrastructure Company Pvt Ltd	4165884	7.28
2	Tara India Holdings A Ltd	1821107	3.18
3	Aadi Financial Advisors LLP	1812898	3.17
4	UTI MID Cap Fund	1064830	1.86
	Total	8864719	15.5

Consolidated Financial Trends (In Rs. Crs) :

Particulars	FY16	FY15	FY14	FY13	FY12	FY11
Equity Paid Up	57.2	57.2	57.2	57.2	57.2	57.2
Networth	736	802	1233	1559	1258	1065
Total Debt	3998	3377	3027	2568	1937	1130
Net Sales	2342	1706	2438	3821	3971	3234
Other Income	171	62	36	48	37	21
PAT	17.3	-482.96	-414.85	151.26	244.07	206.13
Book Value (Rs)	129	140	216	273	220	186
EPS (Rs)	3.02	-84.43	-72.53	26.44	42.67	36.04