Scrip Watch

Man Infraconstruction Ltd

Scrip Sanctuaries for protection from the wildlife in this jungle of Indian Equities

Man Infraconstruction Ltd

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)

 
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
Consolidated 49.5 605 287 227 13.26 24 0.54 77.22 25.44 1.74 60.25 1.45
Standalone 49.5 623 212 37.56 25 1.5 27.8 25.44 1.67 60.25 1.45

 

  • 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.

Valuation Parameters:

  1. EV/EBITDA: 33.11
  2. EV/Share: Rs 48
  3. EV/Sale: 5.25
  4. Market Cap/ Sale: 4.54
  5. Debt to Equity: 0.47
  6. RoE: 2.19%

Recent Update:

Block Deals:

Date Exchange Quantity Price (Rs) Value (Rs Crs) Time
23-03-2016 BSE 500000 34.60 1.73 10:02
23-02-2016 BSE 520179 31.10 1.62 12:42
04-12-2015 BSE 979390 46.75 4.58 14:06
04-12-2015 NSE 6018745 47.85 28.8 14:20
04-12-2015 NSE 659016 46.50 3.06 14:06
29-01-2015 NSE 563650 43.00 2.42 14:03
29-01-2015 NSE 500000 43.20 2.16 15:06
29-01-2015 BSE 3000000 36.00 10.8 13:03
14-01-2015 NSE 1000494 36.15 3.62 09:29

 

Overview:

  • 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

Key Projects
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

 

Key Projects
Residential Location
Township Project – 6.5 mn sq. ft. consisting of 70 buildings of
7 storey each
Mahul, Mumbai
Orchid Woods –  3 Towers of 55 storey each; admeasuring 2mn
sq. ft. in size
Goregaon, Mumbai
Neelkanth Greens –  8 Towers of 27 storey each; admeasuring
1.0mn sq. ft. in size
Thane, Maharashtra
Tata Housing – 8 Towers with a mix of 17-22 storey buildings
admeasuring 0.9mn sq. ft. in size
Mulund, Mumbai
Blue Ridge – Project Blue Ridge – 8 residential Towers of
25 storey each; admeasuring 1.7mn sq. ft.
Pune, Maharashtra
Godrej Anandam – 6 Towers of 20 storey each; admeasuring
1.4mn sq ft. in size
Nagpur, Maharashtra
Kohinoor City –  8 Towers of 7 storey each; admeasuring
0.3mn sq. ft. in size
Kurla, Mumbai
Ambrosia – 1 Building of 40 storey admeasuring 0.5mn
sq. ft. in size
Borivali, Mumbai

 

Key Projects
Commercial Location
Kohinoor City – Commercial Complex, LEED Certified Hospital
Building and School Building, Total Construction size of 1mn Sq. Ft
Kurla, Mumbai
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.
Navi Mumbai
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
Chandivali, Mumbai
Stainless Steel Plant –  15,000 MTPA Stainless Steel Plant for Viraj
Profiles Ltd
Boisar, Maharashtra
Gigaplex IT Park – IT Park Building for  B. Raheja Group, Total Construction size of 0.5mn sq. ft. Airoli, Navi Mumbai

 

Management:

  • 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
Total Sales 227 275 397 447 489 505
PAT 13 47 29 48 54 63
EPS (Rs) 0.54 1.92 1.17 1.93 2.18 2.54
Long Term Debt 287 110 66
Equity Cap 49.5 49.5 49.5 49.5 49.5 49.5
Net worth 605 637 599 579 538 510
BV (Rs) 24 26 24 23 21.7 20.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excerpts from Gaurav’s Blog

  Rest in Peace now Gerela Saab  ! Mr S T Gerela ex GM of BSE passed away peacefully this morning We had not met in years but he always remained at the top of my mind when it came to testimonials for this is what he had said to me over a decade ago,when […] [...]

Vedanta de-listing offer price Rs 87.50~Come on Mr Anil Agarwal ! Promoter Group of  Vedanta Ltd has proposed a voluntary de-listing at an indicative offer price of Rs 87.50~are the over 7.3 lakh minority shareholders from Alibag !? …apologies to the people of Alibag Some would term this as De-listing Duplicity ~ but I would […] [...]

This is a Riskless Reliance Industries Rights Investment Strategy for those over 2.3 Million Shareholders already holding RIL shares. It is not a recommendation to buy RIL cum rights  It’s a no brainer yet I’m just penning a brief note because some have told me they hold Reliance but are skipping the Rights ! Don’t […] [...]

 Wealth is negotiable, Health is not Your Personal Well Being is more important that the Stock Market Well Being ~ Always & more so in this unfathomable ongoing Covid-19 Reality Above’s a three minute reach out by me last night to all connected with me to reinforce this .It’s also posted on Facebook , […] [...]

Yes Bank ~ Has the RBI & MOF lost it !? SEBI really is a bystander here Controversial Lock In Clause 3 Sub Clause 8 (a) in the Scheme of Reconstruction  No wonder the Finance Minister Mrs Nirmala Sitharaman, while highlighting only selected points, even when asked for details of the Scheme,did not want to […] [...]