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PBA Infrastructure Ltd. Stock Analysis

Small Cap
Evaluated by 83 users | BSE: 532676 | NSE: PBAINFRA |
Engineering - Construction
PBA Infrastructure was incorporated on July 31, 1974 as Prakash Building Associates Limited under Companies Act, 1956. The name of the company was changed to PBA Infrastructure Ltd. with effect from March 28, 2001.The Company is engaged in execution of civil engineering projects and...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Capital Employed 9.99%9.14%6.09%7.36%6.43%2.76%1.61%-0.57%-1.71%1.82%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 38427727126229317110988.911385.1
Y-o-Y Gr. Rt.--27.9%-2.1%-3.5%11.7%-41.7%-36.2%-18.3%27.1%-24.7%
Adjusted EPS (Rs.) 9.617.07-2.991.18-2.03-13.98-18.37-20.51-30.24.58
Y-o-Y Gr. Rt.--26.4%-142.3%NA-272%NANANANANA
Book Value per Share (Rs.) 73.8779.7887.7288.7286.6972.7154.2332.322.537.73
Adjusted Net Profit 139.5-41.6-2.7-18.9-24.8-27.7-40.86.2
Net Op. Cash Flow (Rs. Cr.) 47.119.918.746.614.5-21.3-55.216.4-4.33.5
Debt to Cash Flow from Ops 5.9712.8511.524.5516.03-13.53-6.8123.59-104.39123.29
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
PBA Infrastructure Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales -15.4%-21.9%-7.9%-24.7%
Adjusted EPS -7.9%NANANA
Book Value per Share -22.2-38.3-47.8205.5
Share Price -22.4% -18.4% -33.5% 20.5%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Equity (%) 13.639.2-3.571.34-2.32-17.54-28.95-47.39-173.3389.36
Operating Profit Margin (%) 15.4617.9112.5115.1812.9813.817.2111.023.992.58
Net Profit Margin (%) 3.383.45-1.490.61-0.94-11.07-22.81-31.15-36.17.27
Debt to Equity 2.822.381.821.771.982.945.138.84131.3141.86
Working Capital Days 2984725255254879031,5331,8731,4301,833
Cash Conversion Cycle 132191235245187327708941617740
Entity Percentage Holding
Promoters 54.70%
Non-Institutions 45.30%
Pledged *64.4964.4964.4964.4964.4964.4964.4964.4964.4964.49
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of PBA Infrastructure Ltd.'s performance infers:

PBA Infrastructure Ltd. earnings have grown by 0%, whereas share price has depreciated -18.4% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of PBA Infrastructure Ltd. share prices over the last 10 years. Here is what we found out:

PBA Infrastructure Ltd. share price has depreciated -24.8% annually over the past ten years.

PBA Infrastructure was incorporated on July 31, 1974 as Prakash Building Associates Limited under Companies Act, 1956. The name of the company was changed to PBA Infrastructure Ltd. with effect from March 28, 2001.

The Company is engaged in execution of civil engineering projects and specializes in construction of Highways, Dams, Runways and heavy RCC structures, Bridges and other infrastructure projects.

PBA Infrastructure was promoted by Mr. Roshanlal Wadhawan, Mr. Shadilal Chopra and

PBA Infrastructure was incorporated on July 31, 1974 as Prakash Building Associates Limited under Companies Act, 1956. The name of the company was changed to PBA Infrastructure Ltd. with effect from March 28, 2001.

The Company is engaged in execution of civil engineering projects and specializes in construction of Highways, Dams, Runways and heavy RCC structures, Bridges and other infrastructure projects.

PBA Infrastructure was promoted by Mr. Roshanlal Wadhawan, Mr. Shadilal Chopra and Mrs. Vimal Wadhawan the year 1974.  Mr. Ramalal Wadhawan, son of Mr Roshanlal Wadhawan joined the company in the year 1991 as a Managing Director.  Presently he is the Chairman and the Managing Director of PBA.  His leadership led to improved systems of projects and financial management, investments in the most modern fleet of machineries/equipments for mega projects and a relentless pursuit of excellence in the quality of project construction and engineering. He took initiatives to drive the company towards professionalism. He is exercising overall control and supervision over various activities of the company, under the overall policy guidelines of Board of Directors.

Ongoing projects of the company:

  • Construction of Segment of Lucknow bypass coneecting NH-25 and Nh-28 via NH-56 passing through Lucknow city in the state of Uttar Pradesh (50% in JV with Atlanta Ltd.) Location - Lucknow U.P.
  • Construction of Four laning of national highway Bye-pass (Srinagar Package NS/30/J&K) Location Srinagar - J&K.
  • Widening and Construction of AGLR from  Sakinaka to EEH Excluding Asalpha Missing Link
  • Improvement to the Existing road construction of Missing link, Const. of Underpass at Saiwadi Junction for the corridor from Junction of WEH and NS Phadke Marg to Gokhale Bridge (E), and from Tipusultan Chowk to Sant Namdeo Chowk.
  • Construction of Roads in Multi Model International Hub Airport at Nagpur (MIHAN) Project Complex. (50% JV with Sadbhav Engg. Ltd.) and many more.

Milestones:

  • 1976-Awarded Reclamation work of Bandra Kurla Complex for MMRDA by Municipal Corporation of Greater Mumbai and also Reclamation work for CIDCO Ltd.
  • 1977- Construction of Kalwa – Kasheli Bridge for Maharashtra PWD.
  • 1978- Construction of Bhira Tunnel for irrigation Department of Government of Maharashtra.
  • 1979- Awarded the work of construction of 13C & 14C tunnel for Central Railways
  • 1982- Awarded prestigious Civil Works Contact of Panjrapur Filtration Plant by Municipal Corporation of Greater Mumbai.
  • 1983- Awarded the work of Construction of Store-yard at Panjrapur.
  • 1985- Successfully completed the Panjrapur Filtration Plant.
  • 1986- Awarded the work of Construction of School Building at Panvel worth Rs. 25.00 lacs.
  • 1987- Awarded the work of Construction of Core Units and other Services at Koparkhairane worth Rs. 516.00 lacks for CIDCO Ltd.   Also awarded the work of Construction of underground cable duct for MTNL worth Rs. 185 lacs.
  • 1988- Awarded the work of Strengthening of Main Runway 09/27 at Mumbai Airport by IAA, worth Rs. 260 lacs.
  • 1989- Awarded the work of “construction of Panjrapur Pumping Station by the Municipal Corporation of Greater Mumbai worth Rs. 765 lacs.
  • 1991- Awarded the work of “Concreting of City Roads” for Municipal Corporation of Greater Mumbai worth Rs. 223 lacks.  Also awarded the work of improvement to Nagpur-Umred-Kanpa Road Km3/400 to 73/400 for World Bank Project Division worth Rs. 2914 lacs.
  • 1993- Awarded the work of Resurfacing of Lucknow Airport and Strengthening of Ranchi Airport by National Airports Authority worth Rs. 289 lacs and Rs. 594 lacs respectively.
  • 1994- Successfully completed the work of Widening and Strengthening of Panvel-Mahad-Panjim Road worth Rs. 370 lacs. The work of Construction of Bypass outside Jalna City was awarded by Govt. of Maharashtra, Special Projects, PWD at a contract price of Rs. 1137 lacs.
  • 1995- Awarded the work of Construction of Addl.  Two lanes of Ring Road at Nagpur City worth Rs. 1190 lacs.
  • 1996- Awarded the work of Construction of Asphalt Pavement outside the Container gate complex by JNPT worth Rs.79 lacs.  The work of improvement to Roha-Kolad Road SH-60 also awarded by PWD worth Rs.128 lacs.
  • 1997-Awarded the work of improvements to Jalna Watur Partur Road Km.115 to Km.120 by the PWD worth Rs. 143 lacs.  Also awarded the work of improvement to Khultabad-Phulambri Road by PWD worth Rs.678 lacs. 
  • 1998- Improvement to Solapur-Dhule Road MSH-1 KM.140/00 TO 221/800 to National Highway standard was awarded by the Executive Engineer, Special Project Division, Beed at a Tendered Cost of Rs. 1160 lacs.
  • 1999- Awarded the work of Widening to Four Lanes of existing two lane of NH8A from Bhachau to Padana in Gujarat by NHAI in joint Venture with PC & EC. Also awarded the work of Construction of Mumbai-Pune Road worth Rs. 10515 lacs in joint venture with PC & EC by MSRDC.
  • 2001- Awarded the work of Lucknow Bypass by NHAI worth Rs. 15900 lacs in joint venture with Atlanta Infrastructure Ltd.  Also awarded the work of Udaipur-Mangalwar Section by NHAI worth Rs. 14900 lacs in joint venture with Sadbhav Engineering Co.
  • 2003- Awarded the work of Four Laning & Strengthening of existing two lane Km. 203.000 to Km. 233.600 of Madurai-Kanyakumari Section by NHAI worth Rs. 11025 lacs. This was the single major work awarded to the company in its individual capacity. The work of construction of four laning National Highway By-Pass Sringar (Package NS-30/J&K) by the Chief Engineer, PW (R&B) Deptt.  Srinagar worth Rs. 6066 lacs.  Work of Strengthening and paving of shoulders of SH 07- Viramgam – Dhrangadhra and Dhrangadhra – Halvad worth Rs. 10485 lacs was awarded by Govt. of Gujarat, State Road Project Circle, Gandhi Nagar in Joint Venture with Sadbhav Engineering Ltd.
  • 2004- Awarded the work of KSHIP Upgradation of Road from Bijapur to Krishna Bridge – World Bank aided Road Project by Project Director, KSHIP, Bangalore worth Rs. 5835 lacs.  Apart from the above, have been awarded 3 major road works by MMRDA for a total sum of Rs. 6700 lacs.
  • 2005- Successfully completed the prestigious Road Project namely Rehabilitation and up-grading of 4/6 lane divided carriage way Udaipur-Mangalwar Section by NHAI in joint venture with Sadbhav Engineering Co. at a completion cost of Rs.18500 lacs including escalation cost.
  • 2006- Successfully completed the work of NH-07 - Viramgam - Dhrangadhra (km 58/825 to km 104/263) and Dhrangadhra - Halvad (km 126/000 to km 151/500)
  • 2007- The work of KSHIP Upgradation of Road from Bijapur to Krishna Bride on Bijapur Lokapur Road (SH-65) Ch 0.00 to 48.10 in Karnataka was successfully completed. Project was aided by World Bank.

Achievements/ recognition:-

  • ISO 9001:2000
  • The Company is registered with Public Works Department (PWD), Government of Maharashtra in class 1A Category.
  • The Company is registered with Municipal Corporation of Greater Mumbai (MCGM) as AA Class in Civil Division.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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