BL Kashyap-We Build Your World
BUY with a target of Rs 20.
BL Kashyap recorded consolidated turnover of Rs.1594.88 Crore during FY11, an increase by 50.46% over last year. Profit prior to taxes was Rs. 75.52 Crores up by 33.01 % while Profit after taxes was 48.38 Crores up by 20.57 Today, the company sells for a market cap of a mere Rs 200 crore, which is less than half it's Book Value.
BL Kashyap constructs all types of buildings: Corporate Headquarters, Research And Development Complexes, Educational Campuses, Healthcare Facilities, Hotels / Conference Centers, Multi-family Residential Developments, Retail Malls And Lifestyle Centers, Government Buildings, Bridges, Airports etc. The Company has completed more than 28 projects in last year with clients including M/s HPCL-Mittal Energy Ltd., M/s Toyota Kirloskar Motor Pvt. Ltd., M/s Bennett Coleman & Co. Ltd., M/s Delhi Metro Rail Corporation Ltd., and M/s Indian Oil Corporation Ltd.
The Company has embarked on various new assignments, which are stepping stone, for a big leap towards getting many more such critically important projects, which would go in the overall growth of the Company and its profile. The year in perspective is important for the reason that there has been significant shift in the overall project profiling so as to de-risk the over dependence on limited sector specific Industries. A point in comparison is 20% of the total order book is from the Central Government sector.
The success of the Company is directly attributable to its dedicated staff, who have accumulated the knowledge and experience necessary in the commercial construction marketplace, by combining the best technical resources with the most experienced personnel in the region, BLK has built a tradition of quality work delivered on time, within budget. The formula for the Company's success is built upon an aggressive business strategy that focuses on the core competencies of fast track construction, high quality finishes. Our project teams work with clients to identify critical issues and accordingly programme the execution needs and then seek to exceed the customers' expectations.
The continued growth of India's middle class and the ongoing development of tier two and tier three cities as a result of urbanization suggest that higher demand for the Company's construction services will remain strong in the coming periods. Over the longer term, the Company believes that its growth will be driven by expanding its reach in tier-two and tier-three cities and increasing focus on specialist construction projects, which the Company believes will deliver higher profit margins.
As a part of this new strategic direction, the Company plans to upgrade its qualification and engineering standards to ensure that it can tap into this growing market potential. The majority of the new opportunities will be in infrastructure, versus previously when real estate was the driving force in the construction market. This causes a tremendous need for skilled and unskilled labour to man these projects, still the demand for the residential units, driven by the high growth rate in the Indian economy and rapid urbanization, is expected to be strong in the medium term. However the absorption rate is likely to slowed down over the near term on account of the strong increase in residential unit prices and withdrawal of teaser interest rate by the banks and other lenders and increase in interest rates..
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