Reliance Securities has recommended 'Buy' on MBL Infrastructures (MBL) with target price of Rs 383.

Commenting on the investment rationale,  Reliance Securities said, ''MBLresult firms up our belief that MBL is geared up for its next phase of growth owing to its matured and selective bidding strategy, sound operational efficiency with rich execution skills and nearing completion of developmental assets. MBL currently has a gross order book of Rs 38 billion (1.8x TTM revenue), which provides good revenue visibility.

Further, it expects an order inflow of ~Rs30-35billion in FY16E. Moreover, it is fairly backward integrated, as it owns 12 RMC units, quarrying facilities and equipments, which help it to reign in operating costs and have some command over profitability. Moreover, improved visibility in its BOT assets with over ~20% expected EIRR is likely to provide impetus to the company. We recommend a Buy on the stock with a target price of Rs 383.''

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