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Wallfort Financial
Simplex Infra
(Accumulate)
CMP: ₹86.25
Target: ₹109
Simplex Infrastructures Ltd reported marginal revenue growth in Q3FY14. The company has reported top-line growth of 2.99 per cent y-o-y to ₹1,392 crore in Q3FY14 against ₹1,351.6 crore in Q3FY13. For Q3FY14, the revenue contribution from the domestic and international operations stood at 87 per cent and 13 per cent, respectively. As on December 31, 2013, SIL had an order book of ₹16,708 crore excluding orders under L1 status of ₹940 crore. The company’s order book is well diversified across nine segments in the infrastructure space, and also has exposure to the international markets. The company’s international segment order book constituted 17 per cent of its total outstanding order book. Current order book to sales ratio is 2.9x of FY14E, which gives revenue visibility of more than two years.
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