Ahuwalia Contracts (India) (532811) Q4 06/07 earnings summary

Executive summary

• FY07 revenue from operations rose 61% YoY to Rs 674.68 crore; operating profit increased 73% to Rs 72.50 crore and net profit rose 61% to Rs 31.19 crore.

• Order book reached Rs 1,622 crore at 31 March 2007, up from Rs 1,452 crore; more than Rs 170 crore of orders were added during FY07.

Financial highlights

• Sales and other income grew 61% to Rs 674.68 crore; EBITDA increased 74% to Rs 74.95 crore and PBT rose 66% to Rs 48.41 crore.

• PAT was Rs 31.19 crore versus Rs 19.35 crore in FY06; EPS was Rs 24.85 versus Rs 15.41.

• Capital expenditure on fixed assets was Rs 424,330,163, compared with Rs 325,737,119 in FY06.

Outlook and guidance

• FY08 order-book growth was expected to exceed FY07, led by residential and commercial work; awarded FY08 projects totalled Rs 1,065 crore, including Rs 688 crore for Commonwealth residential units.

• Growth plans targeted BOT/BOOT projects, multi-level parking, water and sewage treatment, and acquisitions or joint ventures in urban infrastructure and real estate.

• A Rs 60 crore BOT project for bus terminals and commercial complexes in Kota had been awarded; other BOT opportunities were under negotiation.