Buy PSP Projects; target of Rs 590: Dolat Capital

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Dolat Capital's research report on PSP Projects

PSP reported 50.4% YoY growth in revenue to `2.1 bn (2.6% below estimates) led by robust execution particularly in SDB project worth `560 mn. Excluding SDB, revenue up 10.3% YoY to `1.5bn. EBITDA margin expanded by 64bps YoY to14.0% (116bps above estimates), primarily led by lower other expenses which was partially offset by higher construction and employee expense. PAT grew by 38.7% YoY to `176 mn (4.0% above estimates) led by robust operating performance.

Outlook

With one of the best revenue and PAT CAGR, return ratios and FA turnover among peers over FY18-20E, we maintain ‘BUY’ with a TP of `590 (16x FY20E EPS).

For all recommendations report, click here

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