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Last Updated : Jun 17, 2016 02:13 PM IST | Source: Moneycontrol.com

Buy Gayatri Projects; target of Rs 1136: Ajcon Global

Ajcon Global is bullish on Gayatri Projects has recommended buy rating on the stock with a target price of Rs 1136 in its research report dated June 16, 2016.

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Ajcon Global's research report on Gayatri Projects

The Company’s topline in Q4FY16 witnessed an increase of 19.3% to Rs. 668 crore on account of faster execution. On QoQ basis too, it witnessed an impressive topline growth of 58.5%. For the full year the Company registered a topline growth of 13.2% to touch Rs. 1,812 crores as against estimated Rs. 2,162 crores. The Company missed our FY16 estimates by some distance as Unit 2 (660MW, operational since Sept 2015) had to be shut for almost 45 days in April-May 2016 due to Tamil Nadu floods, but it is currently operating at full swing. We believe this was a one off event and expect good performance in coming years.

We maintain a buy rating on the stock with a target price of Rs 1136.

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First Published on Jun 17, 2016 02:13 pm