Buy Praj Industries Ltd With A Target Price of Rs 472 Says Axis Securities

Buy Praj Industries Ltd With A Target Price of Rs 472 Says Axis Securities

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Q2 FY22 results of the company

According to the consolidated performance for Q2 FY22, the company’s income from operations stood at Rs. 532.41 crore (Q1 FY22: Rs. 386.26 crore; Q2 FY21: Rs. 260.24 crore), PBT is at Rs. 46.77 crore for the period (Q1 FY22: Rs. 29.80 crore; Q2 FY21: Rs. 15.67 crore), PAT is at Rs. 33.34 crore (Q1 FY22: Rs. 22.20 crore; Q2 FY21: Rs. 11.39) and order intake during the quarter Rs. 745 crore (Q1 FY22: Rs. 661 crore; Q2 FY21: Rs. 405 crore).

According to the H1 FY22 – Consolidated results of the company, income from operations stood at Rs. 918.67 crore (H1 FY21: Rs. 389.79 crore), PBT is at Rs. 76.57 crore for the period (H1 FY21: Rs. 1.15 crore), PAT is at Rs. 55.54 crore (H1 FY21: Rs. 0.89 crore) and order intake Rs. 1406 crore (H1 FY21: Rs. 715 crore).

Buy Praj Industries Ltd with a target price of Rs 472

Buy Praj Industries Ltd with a target price of Rs 472

According to the brokerage “Praj is witnessing strong growth in its key segment BioEnergy in Domestic business, the overall demand-supply gap of Ethanol, increased interest in grain-based distilleries and decarbonisation impetus is auguring well for Praj along with development in other key verticals such as CPS, ZLD & High Purity gaining traction. Praj is a key beneficiary of multiple tailwinds provided by the bio-economic revolution, giving strong growth & revenue visibility for the next 3-5 years.”

Axis Securities has claimed in its research report that “We maintain our BUY with a revised target price of Rs 472 valuing the company at 35x (~20% discount to TTM PE of 45x) FY23 EPS, implying an upside of 33% from the CMP 355.”

Disclaimer

Disclaimer

The above stock is picked from the brokerage report of Axis Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.

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