Kotak has a BUY recommendation on IVRCL Infra with the following note,
Revenue growth led by strong order book but impacted by issues in Andhra Pradesh. At current market price of Rs 168, stock is trading at 17.1x and 15.6x P/E and 6.2x and 6.1x EV/EBITDA multiples on FY11 and FY12 estimates. Adjusted with subsidiary valuations, stock is trading at 10.8x and 9.8x P/E on FY11 and FY12 respectively. We maintain our price target of Rs 210 based on sum of the parts methodology and continue to maintain BUY on the stock.
