Unity Infraprojects (UIP) is one of the fastest growing mid-cap company in the
infrastructure space with focus on civil construction segment (residential,
commercial and industrial structure portfolio) and infrastructure projects in
irrigation & water and transportation segments. The company has a healthy order
book of Rs4,495cr as of 2QFY2013. Given the strong bid pipeline and L1 status
for projects worth Rs1,400cr, we estimate UIP to report a revenue CAGR of 11.5%
over FY2012-FY2014E. Its focus on high growth buildings and water/irrigation
segment provides confidence on future growth. We initiate coverage with a Buy
rating and a SOTP target price of Rs59.

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