Buy JMC Projects; target Rs 175: Sushil Finance

Sushil Finance has maintained buy rating on JMC Projects with a target price of Rs 175 in its November 18, 2011 research report.

"JMC Projects India Limited (JMC), a subsidiary of Kalpataru Power Transmission Limited (KPTL), in one of the fast growing construction company of India. It is into the construction of Industrial, Power, Institutional and Infrastructural sector. During Q2FY12, its standalone revenues increased by 59.3% YoY to Rs. 4263.2 mn. In the same period, its EBIDTA increased by 39.5% YoY to Rs. 319.4 mn, while its EBIDTA margins decreased by 110 bps YoY to 7.5%. During the quarter, its APAT increased to Rs. 83.5 mn, registering a growth of 55.2% YoY. It registered an AEPS of Rs. 3.2 for Q2FY12."

"During H1FY12, the Company

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