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Last Updated : Aug 10, 2018 04:44 PM IST | Source: Moneycontrol.com

Buy JMC Projects; target of Rs 844: HDFC Securities

HDFC Securities is bullish on JMC Projects has recommended buy rating on the stock with a target price of Rs 844 in its research report dated 08 Aug 2018.

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HDFC Securities' research report on JMC Projects

JMCP reported in line 1QFY19 revenue at Rs 6.9bn (+3.3% YoY, -4.7% QoQ). Growth was muted in 1QFY19 on account of labour availability issues due to festive season and West Bengal panchayat elections. EBITDA margins of 10.3% (+20bps higher than expected) and an effective tax rate of 23.4% led to a higher PAT of Rs 266mn (+13.9% than estimate).

Outlook

Execution  will likely pick up from 2HFY19E. We do not think JMCP will face any  major  challenges to meet the 15% growth guidance. If the recent infra wins  start  as  per  timeline, there could be further upside to FY19/FY20E estimates. Maintain BUY with a SOTP of Rs 844/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 Aug 10, 2018 04:44 pm
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