Axis Direct is bullish on ITD Cementation has recommended buy rating on the stock with a target price of Rs 180 in its research report dated 23 August 2017.
Axis Direct's research report on ITD Cementation
ITD Cementation in its Q2CY17 posted revenue of Rs473.cr vs Rs.830 cr in Q2CY16. This was due lower revenue from JNPT project & delay in the execution of metro projects. EBITDA of the company was reported at Rs.56cr in Q2CY17 vs Rs.57cr in Q2CY16. EBITDA margins were higher at 11.8% in Q2CY17 vs 6.87% in Q2CY16. The company reported JV profits in Q2CY17 vs JV losses from Delhi metro project in the previous quarters, which led to improved profit margins of the company this quarter.
This gives us comfort on ITD cementation and we retain a BUY rating with a target price of Rs.180 based on 16xCY19EPS of Rs.11.3.
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