HDFC Securities' research report on Sadbhav Engineering
SEL reported 4QFY17 RPAT beat of 64%, led by strong revenue growth (20.4% YoY). Revenue is expected to ramp up further, as execution of three (out of seven) HAM projects has begun, two more projects will start contributing from 2QFY18E and the balance two by 3QFY18E.
Outlook
SEL has maintained its FY18E revenue guidance of Rs 38bn+. We cut FY18-19E EPS by 4-7% to factor in higher interest/taxes. Upgrade SEL to BUY from NEU with a TP of Rs 360/sh.
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