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Hindustan Dorr– Oliver Ltd. — a 55.1% subsidiary of IVRCL is in the business of providing Engineering & Turnkey solutions, Technology and EPC (Engineering, Procurement & Construction) installations in liquid solid separation applications.

HDO provides turnkey solutions on an EPC basis in various industry segments like Mineral processing and Beneficiation, Pulp and Paper processing, Fertilizer & Chemicals and Environmental management.

The company has a manufacturing unit with a capacity of 15,000 tonnes providing engineering equipments for internal EPC contracts and for 3rd party sales. It also has Knowledge Process
Outsourcing Unit providing outsourcing of design and engineering services.

The company currently has an order book of Rs 14 bn (2.7x FY09 revenues).

Further, the company is contemplating diversifying into newer segments of hydrocarbons, nuclear power, coal washeries, material handling which is a step in the right direction that would prove beneficial to the company with the revival of the economy.

Sujana Towers-Power Play
BSE 532887; CMP Rs 51

Shares in Issue: 6.82 crore
Market Cap: Rs 347 crore
Cash In Hand (post GDR)-Rs 150 crore
FY09 Revenues-Rs 700 crore
FY09 PAT-Rs 32 crore
FY09 EPS-Rs 7.7
PE - 6
Fair PE-10
Fair Market Value-Rs 80

Backdrop FY08
INDUSTRY OVERVIEW:
Domestic

The economic acceleration has put significant pressure on the existing infrastructure, such as power, roads, ports, airports and railways. According to certain estimates, India being the fifth largest generator of power, positioned behind USA, China, Japan and Russia is expected to surpass Russia and Japan by 2030.

However, power generation has not been able to catch up with demand growth in recent years. The demand-supply mismatch has been an area of great concern and the Government of India is committed to bridging this gap. In order to achieve the 11th five-year plan targets, the Government has introduced new accelerated process for awarding ultra mega power projects (UMPPs) to the private sector. The Government has already planned 8 UMPPs of 4,000 MW each and this initiative is expected to help the Government achieve the target of adding 76,000 MW by 2021.

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