Reviews

SADBHAV INFRASTRUCTURE PROJECTS

Ticker: 539346 FV: Rs.10
52-Week H/L: Rs.157.50/89.65

We had recommended Sadbhav Infrastructure Projects in Volume No 34, Issue No 11 (dated Jan 01, 2018), when the scrip was trading at Rs 144. Our recommendation was backed by factors such as strong financials and new projects in the pipeline. For Q4FY18, its revenue grew by 95.8 per cent YoY to Rs 760.63 crore from Rs 388.52 crore in Q4FY17. Its EBITDA increased by 24.9 per cent YoY to Rs 284.24 crore. Also, its net loss declined by 11.8 per cent YoY to Rs 84 crore. For FY18, the company has recommended final dividend of Rs 0.30 per equity share. During FY18, it incorporated four subsidiary companies. Currently, its order book stands at ~Rs 8,500 crore. The management has estimated the company's topline to grow at 15-20 per cent in FY19 and FY20. Thus, we urge investors to HOLD the scrip.



ARVIND

Ticker: 500101 FV: Rs.10
52-Week H/L: Rs.477.85/353.80

We had recommended Arvind Ltd. in Volume No 34, Issue No 27 (dated Apr 23, 2018), when the scrip was trading at Rs 430. Our recommendation was backed by factors such as robust revenue growth and demerger of its brand and retail business. For Q4FY18, the company's revenue grew by 21.3 per cent YoY due to growth in branded apparels segment. Its EBITDA increased by 29.3 per cent YoY and its EBITDA margin stood at 9.75 per cent . For this quarter, the PAT was up by 18.2 per cent YoY to Rs 115.47 crore. The company's three brands are incurring operating losses which it expects to turn profitable in FY19. Also, the management has estimated that the apparel business segment would grow by 20-25 per cent . It has planned capex of Rs 500 crore in the textile segment for FY19. Thus, we urge investors to HOLD the scrip.