K Venkatesh, CEO & MD of L&T IDPL says in the latter half of current year once the numbers are updated and the RFQ process etc has restarted that is the opportunity that presents itself to all developers in the sector.
Stalled projects totaling around Rs 52,752 crore of 5,340 kms based on our own internal assessment of which about Rs 29,000-30,000 crore could be readily available
K Venkatesh
CEO & MD
L&T IDPL
Towards the latter half of the current financial year that is beginning between October and March, there is a strong opportunity for at least about Rs 15,000-20,000 crore of bids coming out in the road sector, says K Venkatesh, CEO & MD of L&T Infrastructure Development Project Ltd.
He says in the latter half of current year once the numbers are updated and the RFQ process etc has restarted that is the opportunity that presents itself to all developers in the sector.
The company is planning to raise capital by evaluating partnerships at the holding company level and is also planning to list in Singapore. L&T may have to derisk itself.
Also Read: Recycling of projects high on industry wishlist: Gammon
Below is the verbatim transcript of K Venkatesh's interview with Anuj Singhal and Ekta Batra on CNBC-TV18.
Ekta: I am going to start by asking you about the revenue projection that L&T IDPL has on its own. You all expect the last time which reports indicate a 15 percent revenue growth with an order intake of around 20 percent year-on-year (Y-o-Y) in FY15. With the current situation and the possibility that the road space could get quite a lot of impetus in FY15, do you think that you could possibly exceed this guidance that you have given out?
A: I must clarify that we are an unlisted subsidiary of Larsen and Toubro (L&T). So no guidance would be given out by us. So you will have to bear with me on that. I would not be in a position to give any guidance on revenue or order book and we don't have an order book concept, we have a project-size concept.
Nevertheless, let me talk to you on the sector per se. I think towards the latter half of the current financial year that is beginning between October and March, there is a strong opportunity for at least about Rs 15,000-20,000 crore of bids coming out. The reason I am saying this is that stalled projects totaling around Rs 52,752 crore of 5,340 kilometres based on our own internal assessment of which about Rs 29,000 crore to Rs 30,000 crore could be readily available provided a little bit of work is done in terms of updating numbers and redoing the process of request for qualification (RFQ) etc because this comprises the surrendered projects. So the total universe of projects that are stalled are Rs 52,000 crore, the projects that have been surrendered is around Rs 30,000 crore. So I think somewhere along the line in the latter half of the current year once the numbers are updated and the RFQ process etc has restarted that is the opportunity that presents itself to all developers in the sector.
Stay tuned for more…
Larsen stock price
On June 16, 2014, at 14:16 hrs Larsen and Toubro was quoting at Rs 1648.25, down Rs 37.5, or 2.22 percent. The 52-week high of the share was Rs 1774.70 and the 52-week low was Rs 678.10.
The company's trailing 12-month (TTM) EPS was at Rs 61.44 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 26.83. The latest book value of the company is Rs 272.45 per share. At current value, the price-to-book value of the company is 6.05.
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