February 21, 2017 / 15:18 IST
J Kumar Infraprojects’ (JKIL) Q3FY17 revenue, at INR 3.7bn, rose 19% YoY following pick up in execution in the Mumbai Metro projects. EBITDA margin declined 100bps YoY to 17.1%. While interest costs jumped 20% YoY, higher other income led to PAT growing 10% YoY to INR 265mn.
Outlook
JKIL remains the best bet in the EPC space due to its healthy balance sheet (0.1x net debt:equity), niche presence in the fast-growing metro rail space and attractive valuations (trades at 9.7x FY19E P/E). Maintain 'BUY' with a target price of INR 343 as we roll over to FY19E.
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