PSP Projects Ltd. News and Updates

Name: Latest research reports of PSP Projects Ltd. authored by Dolat Capital and published by - Trendlyne research reports.
Item: PSP Projects Ltd.
Rating: 5
Author: Dolat Capital

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PSP Projects Ltd.

28 Aug 2020

639.85

0.25%

PSP Projects

Buy: PSP Projects Ltd.

Target

Dolat Capital

Revenue increased by 43.6% YoY in FY20 to Rs15 bn vs. Rs10.4 bn in FY19. SDB's revenue too increased by 52.7% YoY in FY20 to Rs5.4 bn (36.2% of revenue) vs. Rs3.55 bn (34% of revenue) in FY19. EBITDA margins down 153 bps YoY to 12.7% in FY20 vs. 14.3% in FY19. Reported PAT increased by 43.2% YoY in FY20 to Rs1.29 bn vs. Rs902 mn in FY19. PSP received order inflow of Rs15.8 bn in FY20 vs. Rs14.15 bn in FY19, a growth of 11.5% YoY. PSP's orderbook as on Jun'20 stands at Rs29.6 bn and is L1 in GIDC project worth Rs2.75 bn. Including the same, orderbook stands at Rs32.35 bn...

PSP Projects Ltd. has an average target of 705.75 from 4 brokers.

PSP Projects Ltd.

10 Aug 2020

639.85

0.25%

PSP Projects Ltd | Q1FY21 Result Update

Buy: PSP Projects Ltd.

Target

Edelweiss

PSP Projects Ltd (PSP) reported its Q1FY21 numbers. Delay in execution due to lockdown and lack of manpower availability impacted the performance.

PSP Projects Ltd. has an average target of 705.75 from 4 brokers.

PSP Projects Ltd.

08 Aug 2020

639.85

0.25%

Buy PSP Projects; target of Rs 520: YES Securities

Moneycontrol

YES Securities is bullish on PSP Projects has recommended buy rating on the stock with a target price of Rs 520 in its research report dated August 05, 2020.

PSP Projects Ltd. is trading below its 100 day SMA of 640.6

PSP Projects Ltd.

15 Jun 2020

639.85

0.25%

Buy PSP Projects; target of Rs 504: Dolat Capital

Moneycontrol

Dolat Capital is bullish on PSP Projects has recommended buy rating on the stock with a target price of Rs 504 in its research report dated June 09, 2020.

PSP Projects Ltd. is trading above its 150 day SMA of 638.6

PSP Projects Ltd.

11 Jun 2020

639.85

0.25%

PSP Projects Ltd Q4FY20 Result Update

Buy: PSP Projects Ltd.

Edelweiss

PSP Projects Ltd (PSP) reported better than expected numbers in a quarter which was impacted by lack of labour availablity and lockdown.

PSP Projects Ltd. is trading below its 100 day SMA of 640.6

PSP Projects Ltd.

10 Jun 2020

639.85

0.25%

PSP Projects Standalone March 2020 Net Sales at Rs 456.40 crore, up 34.93% Y-o-Y

Moneycontrol

NULL

PSP Projects Ltd. is trading above its 150 day SMA of 638.6

PSP Projects Ltd.

08 Feb 2020

639.85

0.25%

PSP Projects (3QFY20): Robust performance. Maintain BUY

Buy: PSP Projects Ltd.

Target

HDFC Securities

PSP delivered robust 3QFY20 performance led by SDB project execution. Base business run-rate ex-SDB of Rs 2.3bn/qtr needs to ramp up to provide growth visibility beyond FY21E as SDB will get completed by Dec-20E. New order wins augur well for growth. Recent award outside Gujarat of Rs 3.4bn in Varanasi is directionally well placed for de-risking Gujarat exposure. We remain cautious on rising share of Govt order in mix. These projects come with interest bearing advances and large BG requirement. Besides PSP needs to arrange 25% cash margin for availing BG's. We maintain BUY. Key risks (1) Delay in diversification outside Gujarat; (2) Delays in new order conversion & (3) Further delay in SDB Project execution. PSP delivered Rev/EBIDTA/APAT beat of 43/32/25% on back of robust execution in SDB project. We maintain BUY with an increased TP Rs 607/sh TP vs Rs 590/sh earlier (we value EPC business at 15x FY21E EPS vs 16x earlier). We have increased our FY20E/FY21E EPS estimates by 7/3%.

PSP Projects Ltd. is trading below its 100 day SMA of 640.6

PSP Projects Ltd.

07 Feb 2020

639.85

0.25%

PSP Projects Ltd - Result Update Q3FY20

Buy: PSP Projects Ltd.

Edelweiss

PSP Projects Ltd (PSP), reported a robust set of numbers that exceeded our expectations.

PSP Projects Ltd. is trading below its 100 day SMA of 640.6

PSP Projects Ltd.

27 Jan 2020

639.85

0.25%

PSP Projects share price gains 4% on orders win worth Rs 360cr

Moneycontrol

The share touched its 52-week high Rs 617.00 and 52-week low Rs 379.45 on 28 June, 2019 and 04 February, 2019, respectively.

PSP Projects Ltd. has an average target of 705.75 from 4 brokers.

PSP Projects Ltd.

10 Jan 2020

639.85

0.25%

Construction & Infra: 3QFY20E Results Preview

Buy: PSP Projects Ltd.

Recommendation

HDFC Securities

Change in estimate/TP/Reco.: Owing to price correction, we have upgraded PSP from NEU to BUY. We have cut NCCs FY20/21E EPS estimates by 4.3/13.6% to factor in delay in stuck AP projects re-start and weak order inflows. We cut our TP from Rs 127/sh to Rs 111/sh . Maintain BUY. Top Picks: LT, PNC, KNR & Capacite. Pick-up in ordering yet to play out: Subdued economic growth, tight liquidity, subpar tax collections and limited private capex has impacted projects awarding activity. Our interaction with the EPC companies/NHAI suggests that roads project awarding will pickup from Jan-20E end. We estimate Rs 550bn of NHAI awards during 4QFY20E. Private capex is still subdued with companies deferring even OPEX spends. Recent governement announcement on Rs 102tn National Infrastructure Pipeline till FY25E is a welcome step though ambitious. Silver lining lies in the hope that we are yet to reach peak ordering and average P/E peer valuation is supportive at 4x FY21E EPS.