Advait Infratech And Bondada Engineering Order, Choice International Good Results

Advait Infratech Ltd.

Recent filing: (ORDER) Advait Infratech has received an order worth INR 35.1 Cr for EPC Work of OPGW Live Line Installation from Power Grid Corporation of India for Ladakh Region, needs to be executed within 24 months.

SUMMARY: 5y Operating Profit uptrend | PE 101x (Sector PE range 50-90) | Fund raise | MoUs | Ace Investor | Green Energy | Power and Telecom infra

FUTURE OUTLOOK: FY24 Order Inflow: INR 210 Cr

  • MCap of INR 2,204 Crore (share price = INR 2,159/share) (as on 19th Jul '24)
  • TTM PE 101x (as on 19th Jul '24) Retail float = 16.1% (Jun-24)

FOOD FOR THOUGHT: Intensely competitive EPC industry given low barriers to entry | Dependence on tenders floated by government

Q1. What are the Products and Services offered by Advait Infratech Ltd?

Since its establishment in 2009, the Company has been at the forefront of delivering robust products and solutions tailored for power transmission, substation, and telecommunication infrastructure. In 2023, it has diversified into green energy, through its entrance into the supply of electrolysers and fuel cells. The Company has also extended its impact into climate services, focusing on sustainability consultancy, decarbonization consultancy, and comprehensive carbon consultancy services.

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Bondada Engineering Ltd.

Recent filing: (ORDER) Bondada Engineering has received a work order worth INR 59 Cr from KPI Green Energy to supply BOS Items & Services for EPC Works across 2 locations in Gujrat, needs to be executed by Sep ‘24.

(ORDER) Bondada Engineering has received work orders worth INR 5.2 Cr from Pace Digitek Infra for supply of 40mtr Ground Based Towers 200 KMPH to Assam, needs to be executed by Jul ’24.

SUMMARY: 3y Operating Profit uptrend | 3h Operating Profit uptrend | PE 123x (Sector PE range 30-50) | Excellent Mar-24 results | Fund Raise | Large Order | 5G+Solar Infrastructure

FUTURE OUTLOOK: As on 31st Mar 2024, Orderbook = INR 1,747 Cr, Orders in pipeline = INR 1,260 Cr

  • MCap of INR 5,511 Crore (share price = INR 2,551 / share) (as on 12th Jul ‘24)
  • TTM PE of 123x (as on 12th Jul ‘24) Retail float = 16.4% (Mar-24)

FOOD FOR THOUGHT: PE multiple is above sector range.

Q1. What are the Products and Services offered by Bondada Engineering Ltd?

Bondada is an infrastructure company that specializes in offering engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services to clients in the telecom and solar energy sectors across India. Its expertise encompasses core design and engineering, with a focus on passive telecom infrastructure services such as construction, operation and maintenance of telecom towers, optical fiber cables and related infrastructure.

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Choice International Ltd.

Recent filing: (GOOD RESULTS) For the quarter ending Jun-24 for Choice International, Sales up 46% YoY from INR 138 Cr in Jun-23 to INR 201 Cr in Jun-24. Similarly, Net Profit up 52% from INR 21 Cr to INR 32 Cr. On a QoQ basis, Sales down 7% and Net Profit down 18%.

SUMMARY: 6y Operating Profit uptrend | PE 55.2x (Sector PE range 20-50) | Fund Raise | Promoter buying | Institutional Entry | Geographical expansion | Strategic collaborations | Large Order Entry into Solar via Subsidiary | Financial Services

  • Mcap of INR 7,554 Crore (share price = INR 379 / share) (as on 19th Jul '24)
  • TTM PE 55.2x (as on 19th Jul '24) Retail float = 3.2% (Jun-24)

FOOD FOR THOUGHT: Risk of timing of receivables from Govt. Bodies.

Q1. What are the Products and Services offered by Choice International ?

Incorporated in 1992, Choice group provides tech-led financial services. It finds its legacy in resolving financial problemsand bridging gaps for individuals, institutions, and governments. It is an integrated and diversified financial services group.

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