A recent report by CRISIL Research shows that MBL Infrastructures (MBL) may attain financial closure for its over Rs 500 crore Bikaner–Suratgarh highway widening project during Jan-Mar 2013.
The company was earlier awarded the project for Developing and Operation of Bikaner–Suratgarh Section of NH–15 in Rajasthan by the state government.
The project has been awarded to the consortium led by MBL Infrastructures, SREI Infrastructure being the other partner.
The research report shows that till date, the company has not been able to execute over Rs 600 mn of the Rs 6.5 bn BOT project (awarded in 2009-10) owing to land acquisition issues.
Meanwhile, the research firm maintaned the valuation grade of 5/5 and fundamental grade of 3/5 to the company. MBLÂ’s Jul-Sep results were in line with CRISIL ResearchÂ’s expectations. Revenues grew by 19 percent y-o-y to Rs 1.8 bn.
EBITDA margin improved 457 bps y-o-y to 19.7 percent owing to increased contribution from high-margin projects. PAT grew by 58 percent y-o-y to Rs 126 mn driven by revenue growth and improvement in EBITDA margin.
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