Sadbhav Engineering 's Q3 toll revenue from seven special purpose vehicles (SPVs) rose to Rs 146.6 crore versus Rs 95 crore, year-on-year. Speaking to CNBC-TV18, Nitin Patel, ED, Sadbhav Engineering said SPVs have shown double-digit revenue growth.
The company is eyeing additional revenue in next quarter. It is also anticipating more positive numbers in the quarter ahead.
Below is verbatim transcript of the interview:
Q: What explains this near 50 percent jump in toll revenues in Q3 and is this 50 percent growth sustainable?
A: Mainly the absolute jump is there in Ahmedabad Ring Road, Aurangabad-Jalna-Bijapur road, Hyderabad-Yadgiri everywhere except for Bijapur, all SPVs had shown double-digit growth in terms of the traffic and that is a positive sign.
Maharashtra border check post because in last year's quarter there were only three check posts which were operational and currently nine check posts are operational - we have already received the commercial operational date (COD) but we are yet to get the nod from government to start the revenue. So once it will be up, the next quarter will also have some additional revenue.
In DhulePalaner there is absolute traffic growth of 7.2 percent and in Rohtak-Panipat there is no growth because one year has not yet completed. If we compare, this is a number that we have reported compared to the quarter of the previous year to this year and absolutely, there is a clear indication that the traffic has come up significantly.
Q: What could be the possible run rate in terms of next quarter? Can you give us a sense because you said that there could be an incremental benefit in Q4, what would you think you could do?
A: Particularly in Maharashtra border check post because we have already received the completion certificate from the client for four posts and so, we are yet to get the nod to start the revenue.
Once it will be through, there will be 13 check posts up for running for the revenue and that will be good incremental revenue in Maharashtra Border Check Post Network Limited (MBCPNL).
Staring from October till the end of May is the period where normally the toll revenues are very high compared to June-September because of the monsoon effect.
We are expecting that next quarter should go up if the same trend is continuing and quite positive numbers are coming up and there is a clear indication that the economy has started performing.
Q: Since a few more check posts will be operational next quarter, can you quantify what the incremental revenue is? For instance, in Q3, the toll revenue was Rs 145 crore, how much could that rise to in January to March quarter?
A: This check post, according to the estimate as well as the traffic, which is going on as of now – normally, we are calculating but we expect almost 8-10 lakh a day, the revenue should come up further in the Maharashtra Border check post itself so that can be transferred to another Rs 8-9 crore of the revenue in the quarter.
Sadbhav Engg stock price
On January 06, 2015, Sadbhav Engineering closed at Rs 251.55, down Rs 4.05, or 1.58 percent. The 52-week high of the share was Rs 284.75 and the 52-week low was Rs 73.15.
The company's trailing 12-month (TTM) EPS was at Rs 5.78 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 43.52. The latest book value of the company is Rs 54.59 per share. At current value, the price-to-book value of the company is 4.61.
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