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Change Change %
-9.90 -2.48%

Updated:23 Apr, 2018, 15:57 PM IST

Change Change %
-7.40 -1.86%

Updated:23 Apr, 2018, 16:01 PM IST

Research Report Detail

Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
HDFC Securities
22-08-2017 Buy 265.00 360.00
Target Hit Long (1Y)

HDFC Securities maintains buy on Sadbhav Engineering

Sadbhav Engineering (SEL) reported robust 1QFY18 financial performance with RPAT beat of 31%, led by strong revenue growth in transportation segment (47% YoY). Revenue is expected to ramp up further, as execution of three (out of seven) HAM projects has begun, one more projects will start contributing from 2QFY18E and the balance three by 3QFY18E.SEL's net debt has reduced to Rs 14.5bn (-Rs 1.8bn QoQ), owing to recovery from roads EPC/irrigation projects and receipt of two HAM projects mobilisation advance. Debtors reduced to Rs 15.1bn (-Rs 1.6bn QoQ) and are expected to decrease further in FY18E as the HAM project's pick pace. SEL has guided for Rs 60-70bn of new orders during FY18E. The balance sheet remains stable, with net d/e at Rs 0.87x vs 0.98x during 4QFY17. SEL expects to reduce debt further by Rs 2bn in 2HFY18E. Maintain BUY with a TP of Rs 360/sh.

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