May 04, 2007, 01.14 PM IST | Source: Moneycontrol.com

Buy Prajay Engineers: Prabhudas Lilladher

For Q4 FY07, Prajay Engineers Syndicate reported revenue at Rs 985 mn, a 237% y-o-y jump - in line with expectations. Broking house, Prabhudas Lilladher has maintained buy rating on the stock.

For Q4 FY07, Prajay Engineers Syndicate reported revenue at Rs 985 mn, a 237% y-o-y jump - in line with expectations. Broking house, Prabhudas Lilladher has maintained buy rating on the stock.

Prabhudas Lilladher report on Prajay Engineers Syndicate:

For Q4 FY07, Prajay Engineers Syndicate (PES) reported revenue at Rs 985m, a 237% y-o-y jumpin line with expectations. However, net profit, rocketing 265% to Rs 354m surpassed both our expectations as well as management guidance. The OPM has risen from 46.7% a year ago to 50.7%. For the year, revenue rose 187% y-o-y to Rs 2,096m, and net profit, 240% to Rs 772m.

Given the added development potential generated from the new land bank and the much stronger-than-expected operational performance, we raise our revenue figures for FY08E and FY09E by 11.2% and 5.6% respectively to Rs 5,622m and Rs 9,513m. The EPS too has been raised - by 21% and 20% to Rs 36 and Rs 62 respectively for FY08E and FY09E.

At the CMP, the stock trades at 6.9x FY08E and 4.0x FY09E fully diluted earnings. We upgrade Prajay from an Outperformer to a BUY.

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