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Research
Accumulate J Kumar Infraprojects Ltd - Kotak
Posted On : 2012-05-16 11:13:42( TIMEZONE : IST )
Result highlights: Revenue growth for FY12 was lower than our estimates but is expected to improve going forward due to healthy order book. Order inflow for the full year improved significantly for the company and margins also stood in line with our expectations. We maintain ACCUMULATE on the stock.
- Revenues for Q4FY12 and FY12 reported 11% and 2% YoY decline. This was due to lower than expected order inflows during H1FY12. Growth is likely to improve going forward since order inflows have jumped up significantly during H2FY12.
- Margins stood at 15.4% and 15.8% for Q4FY12 and full year FY12, slightly better than our estimates.
- At current price of Rs 169, stock is trading at 5.7x P/E and 2.6x EV/EBITDA multiple for FY13. We tweak our estimates and arrive at a revised price target of Rs 180 (Rs 194 earlier) and continue to maintain ACCUMULATE on the stock.
