Annual Report Update: Praj Industries
Praj's FY16 performance was weak as revenue growth was sluggish on account of a large order remaining dormant. The company also reported deterioration in working capital metrics towards the end of the fiscal. Expectedly, the stock has underperformed in the previous quarter. Given weak order book and a tepid earnings outlook, we would prefer to take a more positive stance at lower price points. Hence recommend Reduce (earlier rating "Accumulate" at Rs 86) with DCF based price target of Rs 94 (earlier Rs 92).
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