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Engineers India: Attractive valuation may give this stock some tailwinds

Attractive valuations and improving business to support stock

October 03, 2022 / 03:26 PM IST
Engineers India: Attractive valuation may give this stock some tailwinds

Processing facilities stand at the new Phase 3 facility at the Persian Gulf Star Co. (PGSPC) gas condensate refinery in Bandar Abbas, Iran.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights Recent correction provides good opportunity, considering low valuations Stock trading at 9 times its fiscal 2024 earnings and offering dividend yield of 5% Business is improving gradually, with a strong growth in project business Project business records good 23% YoY growth in revenue in June quarter Considering the valuations and growth visibility, Engineers India, which recently corrected from the level of around Rs 72 a share to Rs 63 a share, provides good value. The company, with an annual revenue of Rs 2,870 crore, is...

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