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Weekly Tactical Pick: A defence stock that packs a punch

Improving execution and margins to support earnings

June 24, 2022 / 11:56 AM IST
Weekly Tactical Pick: A defence stock that packs a punch

(photo credit: REUTERS/VITALY NEVAR)

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

This week’s tactical pick is Garden Reach Shipbuilders (CMP: Rs 218 Nifty level: 15556.7). Among the defence PSUs, Garden Reach Shipbuilders has the highest revenue visibility with close to Rs 24072 crore orders — 14 times its annual revenue — in hand. Moreover, it continues to deliver strong growth in revenue and earnings on the back of these orders. Besides strong orders, the company’s robust balance sheet, cash in the books, superior return ratios and margins, and capabilities to execute...

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