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Last Updated : Sep 18, 2018 04:34 PM IST | Source:

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).


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 are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on Aug 10, 2018 04:44 pm
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