Prabhudas Lilladher's research report onJ.Kumar Infraprojects
J.Kumar Infra (JKIL) reported a robust set of results with strong execution and stable margins. Sales at Rs9bn were up ~73% YoY in Q4FY18 (PLe: Rs6.8bn). Sales improved on the back of improved execution in the Metro and JNPT projects. EBITDA at Rs1.2bn was up 89% YoY, while EBITDA margins were up 110bps YoY to 13.2%, PBT was up 91% YoY to Rs863mn and PAT was up 95% YoY at Rs548mn (PLe: Rs515mn).
OutlookWe believe that a well-funded balance sheet and strong track record will help JKIL to capitalise on huge opportunity in urban infrastructure over the next few years. We expect stock to have earnings CAGR of ~20% over FY17-20E. We maintain a "BUY" with a revised TP of Rs365.
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