Kotak Securities is bullish on Engineers India (EIL) and has recommended buy rating on the stock with a target price of Rs 260, in its research report dated February 10, 2015.
"EIL reported Q3FY15 operating profit and PAT lower than our estimate; revenues marginally down YoY due to muted activity in Consultancy division. LSTP division reported operating loss due to cost overrun in one of the projects. In our projections, we reduce the revenue growth estimates to factor in sluggish growth in domestic revenues in 1HFY16 and deferment of key orders. We also lower our operating margin estimate to factor in execution small ticket size consultancy jobs in FY16. At the current price, company's stock looks attractively valued on a discounted cash flow basis. We maintain BUY rating on company's stock with a DCF based revised target price of Rs 260 (Rs 300)", says Kotak Securities research report.
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