ICICIDirect - Rolta India - Result Update (Price: Rs 309.50, Target: Rs 328, Outperformer)

[Sunil]

Rolta India (ROLIND)

Current Price: Rs 309.50                Target Price: Rs 328
OURPERFORMER

Rolta India results for the Oct-Dec 2006 quarter (Q2FY07) were in line with
our estimates.  The company clocked a top line of Rs 168.1 crore and bottom
line of Rs 40.9 crore. We remain bullish about the outlook going forward.
Our bullishness stems from three key pointers. Firstly, the company has a
strong order book of Rs 691 crore against Rs 450 crore a year ago, coupled
with an order pipeline of Rs 1,200 crore (Rs 500 crore). Secondly, the
company in advanced stages of an acquisition in the geospatial space.
Finally, billings for new contracts are 5-7% higher than current rates. We
maintain our Outperformer rating on the stock and would revise our earnings
estimates going forward.
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