JMC Projects - Result Update - Nirmal Bang

- Results are below expectations

- Revenue grew 6.6% yoy while EBITDA fell 25.2% yoy at Rs 29 cr led by higher construction expenses. EBITDA margins fell 200 bps to 4.7%

- PAT declined 93% yoy on higher interest and depreciation charges

- The stock is trading at TTM PE of 8.5x and 10.6 times FY13E EPS of Rs 10.3. We will come up with a view on the stock post talks with the management

Source : Equity Bulls

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