Motilal has an Accumulate rating on Tecpro Systems Ltd upto Rs 280.
The company has Order backlog of `4250 cr (3xFY10 revenue) provides good revenue visibility. Further order inflows will provide upsides and triggers. There are 10 more ash and coal handling packages to be awarded by NTPC and SEBs over the next 4-6 months. This would roughly translate to `2500-3000 cr of orders to be bid for.
Target Price is Rs 350 based on FY 2012 earnings of Rs 37 and a ROCE of 27%.
