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Last Updated : Jun 10, 2019 05:00 PM IST | Source: Moneycontrol.com

Hold Gayatri Projects; target of Rs 200: Sharekhan

Sharekhan recommended Hold rating on Gayatri Projects with a target price of Rs 200 in its research report dated June 03, 2019.

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Sharekhan's research report on Gayatri Projects


In Q4FY19, GPL standalone revenue grew by 23% y-o-led by strong project execution, OPM dipped 246 bps y-o-y. Lower interest expenses boosted net earnings by 27% y-o-y. Order book stays strong at 4.7x its FY2019 standalone revenue; company expects order momentum to continue and has guided for a more than 25% revenue growth, a 30-40% rise in PAT and stable OPM for FY2020.


Outlook


We maintain our Hold rating on the stock with a revised sum-of-the-parts (SOTP)-based PT of Rs. 200 as its EPC business, adjusting for its BoT and power investments, is valued at a P/E of 10.5x FY2021E, which provides limited upside potential.


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 Jun 10, 2019 05:00 pm
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