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ITD Cementation is a specialized construction company with expertise in marine projects like sea-links, jetties and metro projects. Focus on high value/high margin projects, decent order book, strong pedigree and low debt on balance sheet are key positives for this company. The company has an impressive order book of Rs. 11,743 crores (31-03-2020); 4.10 times TTM Revenues . The courts have ruled in favor of the company with respect to accident at the Kolkata Metro (JV) and work had recommenced but lock down has stopped work on most projects including Kolkata Metro. Major risk is slow down of execution of orders won . We have a over weight rating due to strong order book position which will eventually lead to higher profitability – 19-05-2020 Price: 51.30 Rating: Over Weight Recommendation: Buy

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