Holding forth

IVRCL led by Sudhir Reddy, Chairman and Managing Director, is currently going through a transformation phase - despite the hostile bid made by the Zee Group on this company, it finally decided to wind down its position after absorbing some trading losses. Now Barclays Capital Mauritius and Societe Generale have acquired a stake in the company. Yet the market capitalisation is only at Rs 1,270 crore though it comes with a robust order book of Rs 27,000 crore that is almost 5.4 times its FY12 revenue.  Can IVRCL convert its huge order book of Rs 27,000 crore to a revenue of Rs 6,000-7,000 crore - which is better than the adjusted revenue of Rs 4,971 crore in 2011-12 - and yet manage to control its debt burden?