Man Infraconstruction Ltd
Construction & Engineering
FV – Rs 2; 52wks H/L – 50/28.85; TTQ – 1.9 Lakhs; CMP (June 13, 2016) – Rs 41.9;
Market Cap – Rs 1037 Crs
Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)
- The share price has moved up by 26% in the last three months to Rs 41.9 (13/6/16) from Rs 33.25 (13/3/16).
- The PAT for Q4 FY16 fell by 87% Q-o-Q (it was actually higher at Rs 7 Crs) because the company had to pay the pending CSR (corporate social responsibility) donation of Rs 2 Crs and make provisions for Rs 4 Crs.
- The company has no bad debts on the books now.
- In December 2015, Company’s promoter Mansi Parag Shah sold around 6.5% of her stake in the company for various charity purposes. Shah sold around Rs 1.6 Crs shares, amounting to Rs 74.90 Crs. After the stake sale, Shah’s holding in the company declined to 15.35% from 21.8% earlier.
- Auditors have put an Emphasis of Matter without qualifying the opinion on the issue of termination letter by Manaj Tollway Private Limited (MTPL), a subsidiary of the company, to Public Works Department, Govt. of Maharashtra (PWD) on March 30, 2015 for terminating the Concession Agreement with respect to the construction road on DBFOT basis due to unresolved matters on land acquisition and forest clearance and has stopped the work. As at March 31, 2016, expenses incurred on construction of Tollway are classified as “Intangible Assets under Development” by MTPL amounted to Rs 129.93 Crs. MTPL has been legally advised that it has a strong case on merits to recover such claims. Man Infraconstruction holds 63.64% stake in MTPL.
- EV/EBITDA: 33.11
- EV/Share: Rs 48
- EV/Sale: 5.25
- Market Cap/ Sale: 4.54
- Debt to Equity: 0.47
- RoE: 2.19%
- MICL Realty LLP, group entity of Man Infraconstruction, has acquired development rights for redevelopment of three residential buildings at Naidu Colony, Ghatkopar, Mumbai, having approximately 1.5 lakhs square feet saleable area. Man Infraconstruction holds 46% in MICL Realty LLP. Man Infraconstruction bags rights to redevelop three buildings in Mumbai
- Port segment to aid growth in coming quarters: Man Infra
|Date||Exchange||Quantity||Price (Rs)||Value (Rs Crs)||Time|
- Man Infraconstruction Ltd is engaged in construction business.
- The Company provides construction services for Port infrastructure, Residential, Industrial, Commercial and Road Infrastructure Projects.
- In the road infrastructure sector, the Company provides earthwork, paving, sewerage, storm water drainage, electrification, landscaping and arboriculture.
- The Company’s major projects include Jawaharlal Nehru Port Trust, Mundra Port, Chennai Port, Vallarpadam Port and the Pipavav Port.
- It sold half of its stake in Atmosphere Realty Private Ltd (ARPL) in the first half of FY15. Equity holding of the Company in ARPL now stands at 17.5%.
EPC order book stood at Rs 321 Crs as on 30th September, 2015
Real Estate Project Portfolio
|Ports||Contract Value (Rs Crs)|
|Nhava Sheva International Container Terminal (NSCIT)||250|
|Mundra International Container Terminal (MICT)||190|
|Gateway Terminals of India (GTI)||250|
|International Container Transshipment Terminal (ICTT)||300|
|Township Project – 6.5 mn sq. ft. consisting of 70 buildings of
7 storey each
|Orchid Woods – 3 Towers of 55 storey each; admeasuring 2mn
sq. ft. in size
|Neelkanth Greens – 8 Towers of 27 storey each; admeasuring
1.0mn sq. ft. in size
|Tata Housing – 8 Towers with a mix of 17-22 storey buildings
admeasuring 0.9mn sq. ft. in size
|Blue Ridge – Project Blue Ridge – 8 residential Towers of
25 storey each; admeasuring 1.7mn sq. ft.
|Godrej Anandam – 6 Towers of 20 storey each; admeasuring
1.4mn sq ft. in size
|Kohinoor City – 8 Towers of 7 storey each; admeasuring
0.3mn sq. ft. in size
|Ambrosia – 1 Building of 40 storey admeasuring 0.5mn
sq. ft. in size
|Kohinoor City – Commercial Complex, LEED Certified Hospital
Building and School Building, Total Construction size of 1mn Sq. Ft
|Mobile Switching Center – Mobile Switching & Data Center having
Basement + Stilt and 5 upper floors for Bharti Airtel,Total Construction size of 60,000 Sq. ft.
|Sports Complex – Sports Complex having modern facilities, Total Construction size of 0.1mn sq. ft.||Ulwe, Navi Mumbai|
|Sharad Pawar International School – School Building with State of the art facilities
having Basement + Ground + 9 Floor, Total Construction size of 0.2 mn Sq. Ft
|Stainless Steel Plant – 15,000 MTPA Stainless Steel Plant for Viraj
|Gigaplex IT Park – IT Park Building for B. Raheja Group, Total Construction size of 0.5mn sq. ft.||Airoli, Navi Mumbai|
- Mr Berjis Desai is the Chairman
- Mr Parag K. Shah is the MD
|Sr No.||Major Non-promoters||% Stake|
|1||Vanaja Sundar Iyer||1.01|
|2||Jhunjhunwala Rakesh Radheshyam||1.21|
|3||Eden Realtors Private Limited||1.61|
|4||Reliance Capital Limited||1.62|
|5||Sa 1 Holding Infrastructure Company P Limited||6.82|
|6||Suketu Ramesh Shah||1.97|
Consolidated Financial Trend ~ Amt in Rs Crs
|Particulars||FY 16||FY 15||FY 14||FY 13||FY 12||FY 11|
|Long Term Debt||287||110||66||–||–||–|