Moneycontrol
Last Updated : Feb 14, 2019 03:50 PM IST | Source: Moneycontrol.com

Buy JMC Projects (India); target of Rs 175: HDFC Securities

HDFC Securities is bullish on JMC Projects (India) has recommended buy rating on the stock with a target price of Rs 175 in its research report dated February 01, 2019.

Broker Research @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

HDFC Securities' research report on JMC Projects (India)


JMC posted a strong revenue growth of 26.4% YoY to Rs 8.9bn. 3QFY19 EBITDA margins were robust at 10.2%. Higher than expected other Income (Rs 68mn) and a 100bps lower than expected tax rate (27.3%) contributed to a 21% APAT beat (at Rs 368mn). 9MFY19 revenue was Rs 23.2bn (+13.9%) despite a weak start to FY19 on account of labour related slowdown.


Outlook


JMC feels traction is visible on the commercial front in the B&F segment. With the MP irrigation order (Rs 16bn, 42 months period), having a better receivable cycle (~45days), expected to start from Apr-20, we estimate a revenue CAGR of 13.5% over FY18-21E. Maintain BUY with a SOTP based TP of Rs 175/sh.


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.

First Published on Feb 14, 2019 03:50 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant