Motilal Oswal's research report on Anant Raj
Anant Raj (ARCP)’s revenue came in at INR5.9b, up 26% YoY/10% QoQ (35% above our estimate). EBITDA stood at INR1.5b, up 46% YoY/6% QoQ (in line). EBITDA margin was 25.4%, up 3.6pp YoY for the quarter. The company’s adj. PAT came in at INR1.3b, up 38% YoY/6% QoQ (23% above our estimate). Its PAT margin was 21%, up 2pp YoY.
Outlook
We reiterate our BUY rating on the stock with the revised TP of INR807 (earlier INR1,085) based on our SoTP valuation.
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