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Last Updated : Feb 18, 2020 01:01 PM IST | Source: Moneycontrol.com

Hold Ashoka Buildcon; target of Rs 120: ICICI Direct

ICICI Direct recommended hold rating on Ashoka Buildcon with a target price of Rs 120 in its research report dated February 13, 2020.

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ICICI Direct's research report on Ashoka Buildcon


Ashoka Buildcon’s (ABL) revenues de-grew 7.7% YoY to Rs 983.6 crore on account of the impact of prolonged monsoons in certain regions. EBITDA margins contracted 132 bps YoY to 12.6%. RPAT grew 37.6% YoY to Rs 85.5 crore (our estimate: Rs 97.0 crore) on account of a lower tax rate (24.2% in Q3FY20 vs. 31.2% in Q3FY19) and higher other income at Rs 36.9 crore in Q3FY20 vs. Rs 25.4 crore in Q3FY19.


Outlook


We maintain our SoTP-based target price of Rs 120/share but assign a HOLD rating post the ~12% run up in the stock price since our last update.


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.



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First Published on Feb 18, 2020 01:01 pm
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