IVRCL Infra has bagged a lift irrigation project worth Rs 418 crore from Narmada Development Division No.25, Khandwa, Madhya Pradesh for the execution of PUNASA Lift Irrigation Scheme.

The project is for execution of PUNASA lift irrigation scheme including its distribution network by pipelines to cultivate about 35,008 hectares of Command Area on turnkey basis.

The contract, which is schedule to be completed in 36 months, also involves maintenance of complete commissioned scheme for one year.

Prabhudas Lilladher, a well known provider of equity research and brokerage services has maintained ‘buy’ on IVRCL for a target price of Rs 308, an upside of 35% from current level of Rs 229.

Prabhudas anticipates the company to register a CAGR of 32% and 25% in revenues and profit after tax respectively for FY08-10E.