Started in 1992, Rudrabhishek Enterprises Limited, is a Noida - UP based company, which provides a wide range of services like Infrastructural Services, Urban Designing andplanning, Global Information Systems, Building Designing Services and Project Management Services to a wide range of end users. The Company provides end-to-end services of UrbanPlanning Consultancy to its clients ranging from Infrastructure services, Building Designing, Structural Designing, MEP Designing Services to Project Management Consultancy Services. The Company provides its services to the Government as well as Corporate Clients. Some major Corporate clients of the Company include Ansal API, Emaar MGF Land Limited, Gannon Dunkerley & Co. Limited, Hyundai Motor India Private Limited, Omaxe Limited, Paarth Infrabuild Private Limited etc. Apart from the corporate clients mentioned above, the Company has been empanelled with 30+ Government Development Authority Departments for its services. Over the years, the Company has handled projects of different sizes and levels including Zonal/Regional Planning, City Planning, and Master Planning. REPL is engaged in providing a wide range of Consultancy services. Their main service heads includes the following: A. INFRASTRUCTURE CONSULTANCY SERVICES: REPL provides various infrastructure consultancy services such as Urban Infrastructure Plan, Smart City Projects, Pradhan Mantri Awas Yojna, Street Vendor Mapping Plan, City Water Supply schemes, Solid waste management system, ElectricalDistribution System, Storm Water Drainage system including rain water harvesting system and preparation of detailed drawings and plan for execution of same.B. URBAN PLANNING & GEOGRAPHICS INFORMATION SYSTEM: The REPL planning team comprises of group of professional Planners with a diverse experience in the various sectors such as Urban Policy, andSocial, Environmental, Financial, Recreational & other Planning Skills.C. DESIGNING AND PLANNING SERVICES: Company uses latest technology platforms like Archicad, STR Vision, Solibri, BIM & Revit to provide state-of-art Designing solution.D. STRUCTURAL DESIGN: REPL has a dedicated team of experienced structural engineers who are working on range of projects pertaining to Residential, Commercial, Hotel, Malls & Multiplexes and Industrial Structures.E. MEP SERVICES DESIGN: MEP refers to planning and design in the areas of Mechanical, Electrical, and Plumbing (MEP) systems including developing polices, standards, inspection procedures, and performance and cost-estimating, construction planning etc.F. PROJECT MANAGEMENT CONSULTANCY: Company uses STR Software for the PMC projects with a team of Project Managers. As on April 30, 2018, REPL's work order book for their services was about Rs. 31,038.52 Lakhs out of which un-billed amount is Rs. 21,189.81 Lakh. There can be no assurance that their work order book will actually be realized as revenues or, if realized, will result in profits. As on December 31st 2017, Company has 206 employees on its payroll. As per financial performance, company has posted total income/net profits of Rs. 23.42 cr. / Rs. 3.74 cr. (FY13), Rs. 33.41 cr. / Rs. 5.36 cr. (FY14), Rs. 38.65 cr. / Rs. 5.68 cr. (FY15), Rs. 39.35 cr. / Rs. 6.84 cr. (FY16) and Rs. 34.23 cr. / Rs. 3.76 cr. (FY17). For the period upto Q3 of FY18, it has earned net profit of Rs. 1.99 cr. on a turnover of Rs. 35.31 cr. So top-line of company is remained similar and it shown fall in bottom-line in FY17. Company has strong order-book. For last three fiscals, it has posted an average EPS of Rs 4.84 and an average RoNW of 18.12%. Issue is price at P/BV of 1.2 based on its NAV of 34.09 post issue. If we annualise latest net profit of FY18 and attribute it on fully diluted equity post issue, then asking price is at a P/E of around 27 plus, against industry average P/E of 40. As per offer documents it has shown Dhruv Consultancy, S S Infra, Mitcon Consultancy and Artefact as its listed peers who are currently trading at a P/E of around 22, 9, 402 and 0 (as on 19.06.18). On BRLM's front, for Khambatta Securities Ltd, this is first IPO. For Corporate Capital Ventures Pvt Ltd, this is the 5th IPO and from last 4 IPOs, all listed with 2% to 10% premium on the day of listing. As of now, from last 4 IPOs, 2 are trading below issue price and remaining above issue price. ( As on 19.06.18 ) As per financials, company's performance is stable with fall in top-line in FY17, RoNw is 18.12% for last three fiscals and issue is fully priced as per latest earnings. So we give NEUTRAL rating to this SME IPO as per current market situation.
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