JMC Projects (India) Ltd.    
08 Aug 2018
HDFC Securities
Maintain BUY with a SOTP of Rs 844/sh. JMCP reported in line 1QFY19 revenue at Rs 6.9bn (+3.3% YoY, -4.7% QoQ). Growth was muted in 1QFY19 on account of labour availability issues due to festive season and West Bengal panchayat elections. EBITDA margins of 10.3% (+20bps higher than expected) and an effective tax rate of 23.4% led to a higher PAT of Rs 266mn (+13.9% than estimate).
JMC Projects (India) Ltd. is trading above all available SMAs
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