HDFC Securities
Maintain BUY with an increased SOTP of Rs 465/sh (EPC segment at 18x Mar-20E EPS, Kota BOT 1x P/BV). AHLU posted strong 2QFY19 numbers with Revenue/ EBITDA/ APAT Rs 4.4/ 0.6/ 0.3bn (19/ 15/ 21% beat vs. estimates). Interest cost shot up to Rs 51mn (+10% YoY, +31% QoQ) as debt increased from Rs 340mn to 520mn QoQ.
Ahluwalia Contracts (India) Ltd. has gained 21.31% in the last 1 Month
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