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Last Updated : Nov 27, 2019 01:53 PM IST | Source: Moneycontrol.com

Buy Ashoka Buildcon; target of Rs 120: ICICI Direct

ICICI Direct is bullish on Ashoka Buildcon has recommended buy rating on the stock with a target price of Rs 120 in its research report dated November 18, 2019.

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ICICI Direct's research report on Ashoka Buildcon


Ashoka Buildcon’s (ABL) revenues grew 7.6% YoY to Rs 822.3 crore and were above our expectation of Rs 788.6 crore. EBITDA margins expanded 138 bps YoY to 14.9% and were above our expectation of 12.5%. RPAT grew 17.0% YoY to Rs 72.7 crore, much above our estimate of Rs 49.2 crore, on account of strong topline growth, EBITDA margin expansion and higher other income (Rs 39.2 crore in Q2FY20 vs. Rs 15.7 crore in Q2FY19).


Outlook


Overall, we maintain our BUY recommendation on the stock with an SoTP-based target price of Rs 120/share. SBI-Macquarie stake exit could remain overhang on the stock in the near term.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on Nov 27, 2019 01:53 pm
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