Indian Hume Pipe Company has secured a work order worth Rs119.73 crore from Public Health & Municipal Engineering Department, Govt. of Andhra Pradesh, under the Water Supply Improvements Scheme under AMRUT project. The project is to be completed within 15 months.
Indian Hume pipe has been getting orders from various central, state government projects and local bodies. Recently, the company had secured work order of Rs183.46crore from Tamil Nadu Water Supply & Drainage Board, Coimbatore. The Company has also shown strong topline growth of CAGR ~28% during FY12-17. We have a positive outlook on the stock. At current market price stock trades ~8 EV/EBITDA on FY19E.
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