Sharekhan's research report on Gokaldas Exports
For Q2FY2025, adjusting for one-off arbitration claim, standalone revenue was marginally higher than estimates, while OPM marginally lagged. Higher other income led to beat on standalone net profit. Management targets Rs. 3,500-3,600 crore standalone revenue for FY2025. Order book at 1.4x TTM standalone revenue stays critical. Order inflow target remains largely unchanged at Rs. 6,000-8,000 crore for FY2025, expecting strong order wins in Q4FY2025. The company continues to eye strategic partnerships for bidding BOT toll/annuity projects.
Outlook
We retain HOLD on KNR with a revised PT of Rs. 340, factoring downwardly revised execution run-rate and considering unfavourable risk-reward at current valuations due to near-term headwinds.
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