JMC Projects (India) Ltd - Q2 FY21 results first cut - YES Securities

- JMC Projects reported topline de-growth of 15% yoy (to Rs.8 bn) on standalone basis which was in-line with our estimates. The execution saw sharp improvement of 71% over Q1 with better labor availability and easing of lockdown situation.

- Operating margin stood at 9.1% during Q2 FY21 (10.8% in Q2 FY20).

- Higher depreciation and tax outgo saw PAT decline 82% yoy to Rs.72 mn during the quarter.

- Order book at the end of Q2 FY21 stood at ~Rs.139 bn (Calculated as per orders announced by the Company and adjusted for Q2 execution).

- YTD Order inflows stands at Rs.53 bn and the Company recently revised its FY21 order inflow target upwards to Rs.75 bn. The current order book (~4x FY20 revenues) provides decent revenue visibility.

- We currently have BUY rating on the stock. We would review our estimates post Earnings Call.

Shares of JMC PROJECTS (INDIA) LTD. was last trading in BSE at Rs.47.15 as compared to the previous close of Rs. 47. The total number of shares traded during the day was 2104 in over 99 trades.

The stock hit an intraday high of Rs. 47.7 and intraday low of 46.55. The net turnover during the day was Rs. 99076.

Source : Equity Bulls

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