Introduction
Infrastructure development is the backbone of any growing economy, and ITD Cementation India Ltd has been at the forefront of India's construction and engineering sector for over nine decades. Specializing in large-scale infrastructure projects, ITD Cementation has played a pivotal role in shaping India's urban landscape through its expertise in maritime structures, metro systems, highways, tunnels, and industrial projects.
With a strong legacy, international expertise, and a diversified portfolio, ITD Cementation continues to be a leader in India's infrastructure sector. This article explores ITD Cementation’s history, financial performance, market position, SWOT analysis, and future outlook.
Key Milestones
-
1930s: ITD Cementation India Ltd originated as a part of Cementation Company Ltd, UK.
-
1970s-1980s: Expanded operations into maritime and foundation engineering in India.
-
2004: Became a subsidiary of Italian-Thai Development Public Company Ltd, Thailand.
-
2010s-Present: Executed large-scale projects in metros, airports, tunnels, and marine infrastructure.
ITDC's Business Segments
1. Maritime Structures
Leading in the construction of ports, jetties, and breakwaters across India.
2. Mass Rapid Transit Systems
Executing metro rail projects, including underground and elevated corridors.
3. Airports
Engaged in runway expansions and terminal construction for major airports.
4. Tunnels & Dams
Expertise in underground metro tunnels, hydroelectric projects, and irrigation dams.
5. Highways, Bridges & Flyovers
Developing critical road networks and urban transport flyovers.
6. Industrial & Urban Infrastructure
Specializing in power plants, oil & gas facilities, and smart city projects.
7. Foundation & Specialist Engineering
Advanced capabilities in piling, diaphragm walls, and geotechnical engineering.
Revenue Mix
Financial Performance & Annual Results
| Indicator |
CAGR 3 Yrs |
CAGR 5 Yrs |
TTM |
Mar '24 |
Mar '23 |
Mar '22 |
Mar '21 |
Mar '20 |
| Total Rev. Ann. |
50.7% |
26.9% |
8790.8 |
7588.5 |
4700.6 |
3258.2 |
2216.9 |
2146.2 |
| Operating Exp. Ann. |
50.2% |
27.4% |
7900.2 |
6792.5 |
4254.8 |
2948.8 |
2003.5 |
1881.3 |
| Operating Profit Ann. |
54.1% |
23.7% |
827.1 |
749.7 |
420.2 |
300.7 |
204.9 |
260.7 |
| OPM Ann. % |
2.3% |
-2.5% |
|
9.88% |
8.94% |
9.23% |
9.24% |
12.14% |
| Total Exp. Ann. |
48.6% |
27.1% |
|
7211.9 |
4523.4 |
3176.1 |
2197.6 |
2052.2 |
| EBIDT Ann. |
55.1% |
23.1% |
|
796 |
445.8 |
309.4 |
213.4 |
264.9 |
| EBIDT Ann. margin % |
2.9% |
-3% |
|
10.49% |
9.48% |
9.49% |
9.63% |
12.34% |
| Interest Ann. |
24.6% |
22.6% |
224.1 |
215.4 |
160.4 |
132.4 |
111.3 |
92 |
| Depr. |
35.1% |
24% |
192.3 |
204 |
108.2 |
94.9 |
82.8 |
78.9 |
| PBT Ann. |
169.2% |
22.9% |
474.3 |
376.6 |
177.2 |
82 |
19.3 |
53.1 |
| Tax Ann. |
208.6% |
14.4% |
125.5 |
102.9 |
53 |
13.2 |
3.5 |
9.9 |
| PAT Before ExtraOrdinary Items Ann. |
158.7% |
27.3% |
|
273.7 |
124.3 |
68.8 |
15.8 |
43.2 |
| Net Profit Ann. |
158.7% |
27.3% |
348.8 |
273.7 |
124.3 |
68.8 |
15.8 |
43.2 |
| NPM Ann. % |
72.1% |
0.2% |
|
3.62% |
2.65% |
2.11% |
0.71% |
2.01% |
| EPS Adj. latest Ann. |
160.4% |
27.1% |
|
15.9 |
7.2 |
4 |
0.9 |
2.5 |
Stock Performance & Shareholding Pattern
ITD Cementation is a publicly traded company, with a major stake held by Italian-Thai Development Public Company Ltd.
| Summary |
Dec 2024 |
Sep 2024 |
Jun 2024 |
Mar 2024 |
Dec 2023 |
Sep 2023 |
Jun 2023 |
Mar 2023 |
| Promoter |
46.6% |
46.6% |
46.6% |
46.6% |
46.6% |
46.6% |
46.6% |
46.6% |
| FII |
17.0% |
21.0% |
20% |
17.1% |
13.9% |
14.4% |
13.5% |
12.2% |
| DII |
2.6% |
2.3% |
2.4% |
1.8% |
1.9% |
3.4% |
4.6% |
5.1% |
| Public |
33.7% |
30.1% |
30.9% |
34.5% |
37.5% |
35.6% |
35.3% |
36.1% |
Price Chart & Performance
ITD Cementation’s stock performance is influenced by:
-
Government infrastructure spending
-
Project execution efficiency
-
Global construction material costs
Price Chart
Historical Price Chart
| Time |
ITD Cementation |
Nifty50 Returns |
Sensex Returns |
Industry Returns |
Sector Returns |
| 1 Day |
0.37% |
-0.65% |
-0.59% |
-0.8% |
-0.88% |
| 1 Week |
5.2% |
1.21% |
0.93% |
0.44% |
0.49% |
| 1 Month |
4.59% |
-3.11% |
-3.44% |
-4.68% |
-5.24% |
| 3 Months |
6.53% |
-9.24% |
-9.64% |
-22.41% |
-17.37% |
| 6 Months |
15.6% |
-10.32% |
-9.63% |
-18.66% |
-15% |
| 1 Year |
70.34% |
0.14% |
0.23% |
-5.31% |
-2.59% |
| 3 Year |
771.17% |
34.4% |
32.62% |
183.62% |
115.17% |
| 5 Years |
1,059.41% |
113.71% |
106.37% |
423.96% |
308.32% |
| 10 Years |
640.68% |
156.91% |
157.05% |
371.5% |
280.33% |
Peer Comparison
ITD Cementation competes with other major infrastructure firms in India. Below is a comparative analysis:
| Stock |
Current Price |
Market Capitalization |
PE TTM Price to Earnings |
PEG TTM PE to Growth |
ROE Annual % |
RoA Annual % |
Piotroski Score |
Revenue Growth Annual YoY % |
Net Profit Annual YoY Growth % |
Dividend yield 1yr % |
| ITD Cementation India |
547.65 |
9407.95 |
26.98 |
0.47 |
18.32% |
4.62% |
8 |
51.69% |
120.32% |
0.31% |
| Larsen & Toubro Ltd. |
3167 |
445378.41 |
31.96 |
3.14 |
15.12% |
3.84% |
6 |
20.94% |
24.72% |
0.88% |
| GMR Airports Ltd. |
72.82 |
76890.46 |
-278.35 |
-4.06 |
0.00% |
-1.14% |
4 |
26.31% |
-211.99% |
0.00% |
| Rail Vikas Nigam Ltd. |
330.65 |
68941.19 |
53 |
-5 |
18.00% |
8.02% |
8 |
8.44% |
10.82% |
0.64% |
| NBCC (India) Ltd. |
77.75 |
20992.5 |
41.88 |
1.23 |
18.04% |
3.14% |
7 |
19.03% |
50.58% |
1.22% |
| Afcons Infrastructure |
457.4 |
16822.47 |
32.3 |
|
12.50% |
2.77% |
5 |
6.25% |
9.46% |
0.00% |
| Kalpataru Projects Itd. |
876.55 |
14969.06 |
28.49 |
5.83 |
9.91% |
2.31% |
6 |
20.06% |
15.62% |
0.91% |
SWOT Analysis
Strengths
✔ Government Support: Strong policy backing ensures financial stability.
✔ Diverse Services: ITDC operates in multiple tourism-related sectors.
✔ Established Brand: More than 50 years of presence in India’s tourism industry.
Weaknesses
❌ Lack of Agility: Bureaucratic processes can slow decision-making.
❌ Competition from Private Players: ITDC faces stiff competition from private hospitality giants.
Opportunities
✅ Growing Domestic Tourism: Government initiatives like “Dekho Apna Desh” boost tourism demand.
✅ Public-Private Partnerships (PPPs): ITDC can modernize through private sector collaboration.
✅ Expansion into Digital & E-Tourism: Leveraging technology to enhance customer experience.
Threats
⚠ Impact of Global Events: Pandemics or geopolitical tensions can severely impact tourism inflows.
⚠ Rise of Online Travel Agencies (OTAs): Platforms like Airbnb, MakeMyTrip, and OYO disrupt the traditional hotel business.
⚠ Economic Downturns: Reduced discretionary spending can affect hospitality revenues.
SWOT Analysis
Strengths
✔ Strong Global Backing: Support from Italian-Thai Development enhances financial stability.
✔ Diverse Project Portfolio: Presence in multiple infrastructure sectors.
✔ Proven Track Record: Successfully executed complex, large-scale projects.
Weaknesses
❌ Project Delays: Dependent on government approvals and regulatory hurdles.
❌ High Working Capital Requirements: Large-scale infrastructure projects require significant funding.
Opportunities
✅ Growing Infrastructure Investment: India’s increasing focus on highways, metros, and smart cities.
✅ Public-Private Partnerships (PPPs): More collaborations can enhance efficiency and revenue.
✅ Technological Advancements: Adoption of digital construction techniques and automation.
Threats
⚠ Economic Slowdowns: Reduced government and private sector spending can impact revenues.
⚠ Rising Raw Material Costs: Fluctuating prices of steel, cement, and labor affect margins.
⚠ Intense Competition: Presence of domestic and international players in the Indian market.
Future Outlook & Conclusion
With India's infrastructure sector poised for rapid growth, ITD Cementation is well-positioned to leverage its expertise and strong order book. The company’s focus on maritime, metro, and tunneling projects, combined with its international backing, gives it a competitive edge.
Key Strategies for Growth:
✅ Expansion into New Infrastructure Segments like renewable energy projects
✅ Strengthening Public-Private Partnerships for sustainable urban development
✅ Adopting Smart Construction Technologies to improve efficiency and cost-effectiveness
✅ Enhancing Financial Strength through prudent project selection and cost management
As India accelerates its infrastructure push, ITD Cementation India Ltd remains a cornerstone of the nation’s engineering and construction landscape.
For official reports, financial statements, and latest updates, visit: ITDC Official Website
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