Buy RPP Infra Projects; target of Rs 423: Investment Imperative
Investment Imperative’s research report on RPP Infra Projects
RPP Infra Projects Ltd registered revenues of INR 108 crores in Q2FY18 and INR 220 crores for HIFY18, citing the strong execution and order garnering capabilities in Construction, Infra and Water management verticals. The company managed to grow topline by 29% in H1FY18 compared to same period previous year, on strategically growing its order book across all its operational verticals in five major states Andhra Pradesh, Madhya Pradesh, Karnataka and Telangana, besides Tamil Nadu. The central and state governments have initiated various projects focused on the creation of infrastructure in these states which are giving required boost to the industry.
We are projecting order book of over INR 1,500 in 2 years with topline crossing INR 630 crores by FY19. On a price to earnings multiple of 20.7x and enterprise value to ebitda multiple of 10.8x, we are giving a price target of Rs.423 for FY19.
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