Anand Rathi's research report on JMC Projects
With execution efficiency returned, JMC’s revenues scaled a new quarterly high in Q3. Covid costs continue to weigh on margins, but management is confident of returning to its secular range sooner than later. The balance sheet is in shape, and the OB construct, too, is comforting (with the gradually rising exposure to infrastructure orders, especially water). In BOT-toll, restructuring efforts are nearing closure.
Outlook
Any success would support CFs, and hold good for monetisation efforts to gather pace. On the strong assurance and high valuations, we retain our Buy with a raised TP of Rs101 (on rolling forward to FY23 and a raised multiple).
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