JMC Projects (India) - Q4 FY21 first cut - Robust Performance - YES Securities

- JMC Projects reported topline growth of 44% YoY (to Rs.13.5 bn) on standalone basis which is ahead of our estimates (Rs.11.3bn). This has been amongst the highest quarterly execution by the Company.

- Operating margin stood at 10.0% during Q4 FY21 (11.3% in Q4 FY20). Control on employee expense and cost of construction has led to the QoQ improvement in margins by 107 bps.

- Adjusted PAT came in at Rs. 601 mn.

- During the quarter, the company won new order worth around Rs. 11.9 bn and the total order win for the year FY21 is around Rs. 79.2 bn.

- Order book at the end of Q4 FY21 stood at ~Rs. 140.5 bn (Calculated as per orders announced by the Company post Q3 and adjusted for Q4 execution).

- The Company has declared a final dividend of Rs. 0.7/share

- Mr. Shailendra Kumar Tripathi has been elevated from the position of CEO & Dy. MD to CEO & MD.

- Mr. Azad Shaw has been appointed the CFO

- We currently have a BUY rating on the stock and would review our estimates post Earnings Call on 12th May at 9 am.

Shares of JMC PROJECTS (INDIA) LTD. was last trading in BSE at Rs.100.95 as compared to the previous close of Rs. 102.7. The total number of shares traded during the day was 128650 in over 3158 trades.

The stock hit an intraday high of Rs. 108.5 and intraday low of 99.3. The net turnover during the day was Rs. 13323437.

Source : Equity Bulls

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