IVRCL INFRASTRUCTURES – Kotak Securities Research Report

We continue to maintain our estimates and expect revenues of IVRCL INFRASTRUCTURES to grow at a CAGR of 19% between FY10-FY12. n We continue to expect margins of in the range of 9% going forward for IVRCL INFRASTRUCTURES Inline with increase in the working capital requirements as well as higher borrowings seen in Q1FY11, our estimates factor in higher borrowings as well as higher interest outgo going forward. We thus expect net profits of IVRCL INFRASTRUCTURES to grow at a CAGR of 15% between FY10-FY12.