The company has posted excellent results for FY08. YoY, the company’s net sales rose 41% at Rs.66.39 crore. EBIDTA was up 9% at Rs.40.35 crore. OPM was down from 78.56% in FY07 to 60.78% in FY08. But the company had no interest outgo and this helped boost the bottomlines dramatically, PBT was up by a whopping 185% at Rs.31.72 crore and PAT was up 153% at Rs.27.98 crore. NPM rose from 23.48% to 42.14%. The growth in income has outpaced the growth in traffic due to an annual revision in toll rates and an increase in other operational income
On an equity of Rs.186.19 crore, the company posted an EPS of Rs.1.50 as against 59 paise in FY07.
As we had mentioned earlier, the first phase of Mayur Vihar Project commenced in July 2006 and was opened to the public on 15th June, 2007. Work on the second phase of the project has been completed and opened to the public on January 19th, 2008. And this opening up of the bridges on both the sides has given a major boost to the bottomlines of the company in Q4. The full effect of this would obviously be reflected in the current fiscal.
The one big grouse which its shareholders have is that the company has not yet declared a dividend. And replying to that, the company has stated that the company intends to recommend the commencement of payment of dividends once the profitability of the company is established.
The company’s biggest asset is its land bank of 235 acres on either side of the bridge – 200 acres on Delhi side and 35 acres on Noida side. In 2002, it was valued at RS. 350 crore and presently, its worth is Rs. 1,500 crore. The company is awaiting permissions to start development. Once that happens, this land bank will be its milch cow.
Buy Noida Toll at the current price of Rs.50.
Source: Sptulsian.com
