Anand Rathi 's research report on JMC Projects
Rapidly recovering execution efficiency and year-to-date sturdy order additions raise hopes of good growth momentum in times to come. The order construct too is comforting with the gradually rising exposure to infrastructure orders (especially water), and access to some private-sector quality names. In its BOT-toll segment, the refinancing efforts are nearing closure. Any success would not only support the CF situation, but also pave the way for monetisation efforts to gather pace.
Outlook
On the strong revenue assurance and reassuring valuations, we retain our Buy with a TP of Rs68.
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