JMC Projects (India) Ltd. share price target and research reports

Name: Latest research reports of JMC Projects (India) Ltd. authored by Anand Rathi and published by - Trendlyne research reports.
Item: JMC Projects (India) Ltd.
Rating: 5
Author: Anand Rathi

Latest analyst research reports with target prices and PDF download for JMCPROJECT, BSE:522263 JMC Projects (India) Ltd.

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JMC Projects (India) Ltd.

17 May 2022

JMC Projects

Buy: JMC Projects (India) Ltd.

Anand Rathi

JMC Projects (India) Ltd.

13 Aug 2020, 12:00AM

JMC Projects

Buy: JMC Projects (India) Ltd.

Yes Securities

make up for significant part of revenue that would be lost due to COVID related shutdown. Overall, we expect a degrowth of 11% duringFY21followedbya18%growthinFY22. The company has taken various cost cutting measures during Q1 FY21.Weexpectoperatingmargintoimprovegraduallyasexecution ramps up in subsequent quarters. For FY22, we expect superior revenuemixandcostcuttingmeasurestodriveprofitability. ThecompanyisexpectedtofurtherinvestRs.500mninitsRoadBOT...

JMC Projects (India) Ltd.

15 Jun 2020

JMC Projects India Ltd.| Q4FY20 Result Update

Buy: JMC Projects (India) Ltd.

Target

Edelweiss

JMC Projects (JMC) reported resilient performance in a tough quarter impacted by lockdown. Standalone revenue remained flat YoY at INR 939 cr.

JMC Projects (India) Ltd.

14 Feb 2020

JMC Projects - Result Update Q3FY20

Buy: JMC Projects (India) Ltd.

Target

Edelweiss

JMC Projects (JMC) reported subdued numbers in Q3FY20, missing our expectations. Standalone revenue grew by 4% YoY to INR 929 cr, which was well below our expectations of INR 1,054 cr.

JMC Projects (India) Ltd.

12 Feb 2020, 07:43AM

JMC Projects (3QY20): Awaiting triggers. Maintain BUY

Buy: JMC Projects (India) Ltd.

Target

HDFC Securities

JMC delivered robust 9MFY20 standalone Rev/APAT growth of 19.8/21.4% driven by 51% YoY growth in Infra segment. JMC is on track to deliver 15-20% growth in FY20. Slow order intake and weak real estate demand may impact B&F order book as clients will delay/defer projects. This shall cloud FY21E growth to sub 10%. Besides, Rs 900mn FY20 BOT loss funding/debt servicing is a dampener. Likely restructuring in two BOT assets during 4QFY20 or early 1QFY21 is a positive development and will reduce the equity infusion by the company towards loss funding and debt repayment by Rs 400mn/annum. Order book accretion of Rs 33.6bn YTDFY20E is muted, largely driven by B&F segment. We expect JMC to clock 13.1% revenue CAGR over FY19-21E. We will closely monitor the progress on BOT assets monetization and performance in 4QFY20. Key risks (1) Delay in monetization/resolution of BOT assets (2) Leverage. We maintain BUY on JMC, with a TP of Rs 162/sh (vs Rs 175/sh earlier). During 3QFY20 JMC delivered Rev/EBIDTA/APAT miss of 6/2/5% vs our estimates. We continue to value EPC business at 15x Mar-21 EPS. We have reduced our EPS estimates for FY20E/21E by 3.5/8% respectively.

JMC Projects (India) Ltd.

07 Nov 2019

JMC Projects (2QFY20): Awaiting asset monetization. Maintain BUY

Buy: JMC Projects (India) Ltd.

Target

HDFC Securities

JMC delivered robust standalone 2QFY20 performance driven by 85% YoY Infra segment revenue growth. However, Rs 420mn BOT loss funding and debt servicing and further anticipated (Rs 380mn) loss funding during 2HFY20 is a dampener. Order book accretion of Rs 27.5bn YTDFY20E is strong, largely driven by B&F segment. We expect JMC to clock 16.9% revenue CAGR over FY19-21E. High tax rate and interest cost to result in 13.4% muted EPS CAGR. The stock currently trades at 8.8/7.9x FY20/21E Core EPC earnings. We will closely monitor the progress on BOT assets monetization and performance in 2HFY20. Key risks (1) BOT Loss funding and progress on asset monetization (2) Leverage. We maintain BUY on JMC, with a TP of Rs 175/sh (vs Rs 176/sh earlier). During 2QFY20 JMC delivered Rev/EBIDTA/APAT beat of 6/5/20% vs our estimates. We value EPC business at 15x Mar-21 EPS (vs 16x earlier). We have increased our EPS estimates for FY20E/21E by 13.6/17.5% respectively.

JMC Projects (India) Ltd.

07 Nov 2019

JMC India Projects Ltd - Result Update Q2FY20

Buy: JMC Projects (India) Ltd.

Target

Edelweiss

JMC Projects (JMC) reported a stellar set of numbers in Q2FY20, exceeding our expectations on all counts. It gave a robust revenue of INR 942 cr, growing 28% YoY, well above our expectations.

JMC Projects (India) Ltd.

01 Aug 2019

JMC Projects (India) Ltd - Result Update Q1FY20

Buy: JMC Projects (India) Ltd.

Target

Edelweiss

JMC Projects (JMC) reported a stellar set of numbers in Q1FY20 exceeding our expectations on all counts.

JMC Projects (India) Ltd.

31 Jul 2019

JMC Projects (1QFY20): Asset monetization remains the key. Maintain BUY

Buy: JMC Projects (India) Ltd.

Target

HDFC Securities

JMC delivered robust standalone 1QFY20 performance though Rs 140mn BOT loss funding was dampener. Order book accretion of Rs 11.3bn is strong, largely driven by B&F segment. We expect JMC to clock 15.9% revenue CAGR over FY19-21E. High tax rate and interest cost to result in 4.6% muted EPS CAGR. The stock currently trades at 13.7/12.6x FY20/21E Core EPC earnings. We will closely monitor the progress on BOT assets monetization and performance in 2QFY20. Key risks (1) BOT Loss funding (2) High debt (3) Real estate slowdown. We maintain BUY on JMC, with a TP of Rs 176/sh (vs Rs 173/sh earlier). During 1QFY20 JMC delivered Rev/EBIDTA/APAT beat of 20/27/18% vs our estimates. We value EPC business at 16x Mar-21 EPS.

JMC Projects (India) Ltd.

10 May 2019

JMC Projects (4QFY19): Hinging on asset monetization. Maintain BUY

Buy: JMC Projects (India) Ltd.

Target

HDFC Securities

Over the past 3 years JMC has consciously increased its Infra portfolio (now ~36%) even as it observed restraint and resorted to selective bidding in its buildings portfolio. We expect JMC to clock 15.9% revenue CAGR over FY19-21E even as APAT will grow only 4.6% (affected by higher depreciation and interest cost). The stock currently trades at 10.5/9.7x FY20/21E Core EPC earnings (after having recovered 70% from its 52W low). We will closely monitor the progress on BOT assets monetization. This remains essential for deleveraging. We maintain BUY. We maintain BUY, with a reduced TP of Rs 173/sh (vs Rs 187/sh earlier). We have cut our target EPC multiple from 18x to 16x to factor in the debt build-up, delay in BOT monetization & increased Roads BOT shortfall funding.

Is JMC Projects (India) Ltd. worth buying?

107 Votes:

Buy 74.77%

Sell 19.63%

Hold 5.61%