Edelweiss is bullish on Ahluwalia Contracts recommended Buy rating on the stock with a target price of Rs 505 in its research report dated May 31, 2018.
Edelweiss' research report on Ahluwalia Contracts
Ahluwalia Contracts (ACIL) continued its strong performance with Q4FY18 PAT jumping 54% YoY to INR310mn. Revenue fell 5% YoY (up 24% sequentially) to INR4.5bn, the YoY dip was primarily on account of GST impact. The company ended FY18 with order book of ~INR30.7bn; in Q1FY19, it has this far bagged projects worth ~INR16.2bn, increasing the order backlog to a robust ~INR47bn (book-to-bill of ~2.9x).
Management continues to maintain a conservative bidding strategy, targeting large-size public sector projects and commercial/institutioncal orders in the private sector. Maintain 'BUY' with a target price of INR505.
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