Batlivala & Karani Securities has initiated coverage on Prajay Engineering Syndicate with a buy recommendation and a net present value-based target of Rs 414. "Currently, the company has a land bank of around 825 acres of which 80% is located in Hyderabad and remaining in Vizag, Vijayawada and Goa.
The company plans to develop 31 projects including residential commercial, retail and hospitality projects, aggregating to around 37.57 million sq ft over the next five years," the B&K note to clients said. "We expect PESL to report 115% revenue CAGR (compounded annual growth rate) and 91% bottomline CAGR over FY07-09 on the back of increased volumes and higher margins," the note added.
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