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J.KUMAR INFRAPROJECTS LTD is a small-cap company with a full market capitalisation of Rs 3200 crore and a free float of Rs 1700 crore. It operates as a civil engineering and infrastructure development company. The Company focuses on the development of roads, flyovers, bridges, railway buildings, sports complexes and airport runways. J. Kumar also undertakes foundation work using hydraulic piling for major projects.
The promoters hold 46.55% of the equity while the public holds 53.35%.
There is only one Mutual Fund, namely, HDFC BALANCED ADVANTAGE FUND holding 67,10,933 shares comprising 8.87% of the equity capital.
Sunil Singhania‘s ABAKKUS GROWTH FUND-2 holds 20,05,000 comprising 2.65% of the equity.
A FII named LETKO BROSSEAU EMERGING MARKETS EQUITY FUND holds 17,49,988 shares comprising 2.32% of the equity.
MUKUL MAHAVIR AGRAWAL holds 20,00,000 shares comprising 2.64% of the equity.
In the September 2022 quarter, DOLLY KHANNA had added 8,13,976 shares of J. Kumar Infraprojects. However, her name does not appear in the latest list of shareholders.
Porinju Veliyath has revealed that J. Kumar is a “core holding” in his PMS though the number of shares held is not known. He said the Company, amognst others, is “en route to create superlative wealth for investors”.
Very impressive Q2 results so far!
Raymond (We own over 4% of Co) best ever Qtr, watch out for perception change. Other core EQ holdings, Tata Commn. & J Kumar also reported good nos. Many more Indian cos are on a roll; en route to create superlative wealth for investors!— Porinju Veliyath (@porinju) November 8, 2022
Prashant Jain’s 3P INDIA EQUITY FUND 1 is the latest investor in J KUMAR with a holding of 10,77,094 shares comprising 1.42% of the equity capital.
Research reports on J Kumar Infra
The latest research report available is that of HDFC Securities which has recommended a buy on the following rationale:
“JKIL reported an operationally strong quarter, with revenue/EBITDA/APAT at 11.3/1.6/0.7bn, beating our estimates on all fronts. In FYTD24, it won four orders worth INR 35.9bn (JKIL’s share at INR 34.2bn vs. revised FY24 inflow guidance of INR 80bn+), taking the FYTD24 OB to INR 143.5bn (~3.4x FY23 revenue, ex. L1 INR 41bn). Gross debt decreased marginally in Q1FY24 to INR 5.1bn vs. INR 5.2bn as of Mar’23, leading to a D/E of 0.21x. JKIL reiterated its FY24 revenue guidance to grow by 15% YoY with an EBITDA margin of 14-15%. Capex incurred in Q1FY24 stands at INR 330mn. With the receipt of new orders, the FY24 capex guidance stands revised to INR 2.5bn from INR 1.5bn. With ~62% utilization of fund-based limits, the company is well placed to incur capex with a mix of debt and internal accruals. Further, it guided for FY24-end debt levels at INR 5-6bn and NWC days at 120-130. Given the strong order backlog, improved execution and better margin profile, we increase our PE multiple to 9x, from 8x. However, given the limited upside on our TP, we maintain ADD rating on the stock, with an increased TP of INR 421/sh (9x Jun25E EPS).”
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