Pratibha Industries Ltd - 532718

Name of Company	Pratibha Industries Ltd.
BSE Code	532718
NSE Code	PRATIBHA
ICICI Code
Established	1982
My Take	Like
Headquarters	Mumbai
Promoters	Usha Bhagwan Kulkarni, Datta BHagwan Kukarni, Ajit Bhagwan Kulkarni(founder, MD and CEO) and family.
Story	PIL is the flagship company of the Pratibha group. It started manufacturing prefab – SFRC manhole covers and frames. Through a series of takeovers and JVs, company has grown into a specialist in water supply projects, esp in Maharastra. The company now has plans to expand to other segments like roads, building, etc.
Sector	Construction contracting civil
Sub-sector	Construction with special focus on water supply projects
Website	http://www.pratibhagroup.com/
Positives	52% promoter holding, none pledged (but has come down from 70% in 2006). Good growth in revenues and NP. NPMs are good at 6-7%. ROCE is between 16 and 19% for the last 5 years. Dividends are fairly regular and yield is around 1%.
Negatives	reviews and may such websites talk about Prathiba industries having some survey program, not sure if this has anything to do with the company or the promoters, but this seems like bad publicity. The company has a scroll on its website rejecting that this has anything to do with this company. Debt is heavy at 383 Cr.
Peers
News
Price @ blogged	54.95 (17-Jul-11)
Cost of company	546.2 Cr market cap for a 71.43 Cr NP in FY ending Mar ' 11 makes it 7.65 times. This is for a company with 383.15 Cr debt and 448.59 Cr reserves
Group
Growth	Growth is huge for a player in this segment. FY11 sales have reached 1175 Cr from 295 Cr in FY07. NP has grown from 20 to 71 Cr in the same period.