Q: Is Martin Burn Ltd (BSE Code: 523566; Price: Rs ) a worth buy? Patnaik, Nanded

10/01/2019 19:31:25
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A: Martin & Co and Burn & Co, the British civil engineering firms, founded in 1890 and 1809, merged into a new company Martin Burn Ltd in 1946. These are the firms that built many prestigious firms in Kolkata. Constructions by Martin Burn include Esplanade Mansion, Standard Chartered Building, South Eastern Railway Headquarters, Tipu Sultan Masjid, Patna Secretariat buildings, St Andrews Church, St Xavier's College, Belur Math, Oriental Seminary, Assembly House, Sriram Nagar, Sriram Gardens, SN Hugh Market and others. This company renovated several hotels of Oberoi Group, Hotel Hindustan International, Asutosh College, Balmer Lawrie Building, Dabur, Eden Garden Club and many others.

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Now it is trying to regain its past glory. It has entered a joint venture agreement with Institute of International Trade to take up a project for a 4.5-acre affordable housing project at Sonarpur in West Bengal. They jointly develop a total of 4-lakh square feet area in this land pocket. Martin Burn may get Rs 120 Cr income from this project over the next 3-4 years. The company owns a land property of 1.67 acres on a trijunction at the most expensive Chowrangi locality. It is going to develop a commercial complex in the land. The company is getting 49.75% of its income from property development activities and 50.5% through rentals.

The net profit of Martin Burn increased to Rs 1.7 Cr in 2017-18 from a meagre Rs 18 lakhs in the earlier year.

In Q2FY19, it earned a net profit of Rs 19.3 lakh as against Rs 17.9 lakh in the same period of the earlier year.

In H1FY19, the company recorded an increased net profit of Rs 47.16 lakh compared to Rs 35.26 lakh in the period a year ago. The EPS in the latest first half would be Re 0.92. As on September 30, 2018, the book value was Rs 86 per share. In the minuscule equity of Rs 5.15 Cr, promoters are controlling 65.46% stake. Domestic Institutional Institutions (DIIs) hold a 0.24% stake. The scrip recorded a 52-week high price of Rs 74 and a low price of Rs 35. Now, it is trading at an attractive price of Rs 45.

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