Buy ARSS Infra; target of Rs 1444: Reliance Money - Moneycontrol.com -

Reliance Money is bullish on ARSS Infrastructure Projects and has recommended buy rating on the stock with a target of Rs 1444 in its September 22, 2010 research report.

“ARSS Infrastructure Projects (ARSS) has reported excellent results with strong margins. Revenue for 1Q FY11 stood at Rs 3564.8 million, up by 59% y-y, while EBIDTA was Rs 680.8 million, up by 82% y-y. It has registered an 80.15% increase in net profit at Rs 340.5 million versus Rs 189 million achieved in the same period last year. Revenue fell by 11% q-q in 1Q FY11 as the March quarter is normally the best quarter for construction companies. The company’s revenue and PAT has grown at a CAGR of 79% and 84%, respectively, during FY08-10. Given revenue visibility based on the orderbook, we estimate revenue growth of 60% and 50% in FY11E and FY12E, respectively, taking revenue from Rs 10065 million in FY10 to Rs 24157 million in FY12E.”

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