New Delhi: Mirae Asset Capital Markets has given a Buy rating on Praj Industries and Cyient. The global investment banking firm projected Praj share price to go up by around 21 per cent and Cyient could gain 20 per cent.
Praj Industries is an engineering company which is engaged in the business of fermentation of organic materials (via Thermochemical / Enzymatic routes) to produce sustainable solutions for bioenergy, high purity water, critical process equipment, breweries and industrial wastewater treatment. The company has its presence in more than 100 countries.
Cyient is engaged in delivering Intelligent Engineering solutions for creating a digital, autonomous, and operates in the field of aerospace and defence, automotive and mobility, Communications, energy, healthcare & life sciences, mining, rail transportation, Semiconductor and others.
Praj Industries share price target
Giving a Buy call on Praj Industries, Mirae Asset Capital Markets said the stock can be purchased as it has the potential to rise to the levels of 890.
Praj Industries financials
In its Q1 2024-25 Results, Praj Industries’ income from operations stood at Rs. 6,991.41 million (Q1 FY24: Rs 7,367.22 million; Q4 FY24: Rs 10,185.64 million)
PBT before exceptional items is at Rs. 788.80 million for the period (Q1 FY24: Rs. 777.03 million; Q4 FY24: Rs. 1,230.23 million).
PBT after exceptional items Rs. 1,070.37 million
PAT is at Rs. 841.80 million (Q1 FY24: Rs. 586.72 million; Q4 FY23: Rs. 919.36 million)
Order intake during the quarter is Rs. 8,880 million
(YE Mar)
FY23
FY24
FY25
Revenue (INR mn)
35280
34663
39679
EBITDA (INR mn)
3078
3718
4882
EBITDA margin (%)
8.70%
10.70%
12.30%
Adjusted PAT (INR mn)
2042
2399
3079
EPS (INR)
11.1
13.1
16.8
P/E (x)
66.8
56.9
44.4
EV/EBITDA
43.6
36.1
27.5
ROE (%)
20.50%
20.40%
21.60%
ROCE (%)
27.90%
26.90%
29.00%
Cyient share price target
The brokerage advised Cyient stock to be purchased with a target price of Rs 2450. The stock was trading at 2018 apiece on September 23 morning.
Cyient Group declared its Q1 FY25 results, with quarterly Group revenue at US$ 200.9 million, degrowth of 1.5% YoY in constant currency.
“For Q1 FY25, DET revenues stood at US$ 169.6 Mn, a de-growth of 5% QoQ in constant currency terms. The EBIT margin for Q1 FY25 is 13.5%, down by 256 bps compared to previous quarter, driven largely by absorption impact from QoQ revenue movement and our investments in sales and technology,” Prabhakar Atla, President and Chief Financial Officer, said.
The PAT for Q1 FY25 is Rs 141 crore translating to an EPS of Rs 12.86; while FCF is at Rs 164 crore, down by 30% YoY due to seasonality of cash release cycles. Our debt position for Q1 FY25 is US$ 46.7 Mn, translating to a reduction of debt by 13.9% QoQ and by 44.3% YoY.
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Stocks to invest in: Mirae Asset Capital Markets projected Praj Industries share price to appreciate 20 per cent and Cyient share price 21 per cent. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
