Buy Engineers India, target price Rs 87: Reliance Securities

Buy Engineers India, target price Rs 87:  Reliance Securities

Reliance Securities has buy call on Engineers India with a target price of Rs 87. The current market price of is Rs 76.75.

Engineers India Ltd., incorporated in the year 1965, is a Mid Cap company (having a market cap of Rs 4310.87 Crore) operating in Services sector.

For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 894.30 Crore, up 20.55 % from last quarter Total Income of Rs 741.88 Crore and down -7.41 % from last year same quarter Total Income of Rs 965.84 Crore. Company reported net profit after tax of Rs 90.32 Crore in latest quarter.

Investment Rationale
The brokerage believes strong track record in consultancy of complex and high-value projects, debt-free status, negative working capital cycle and beneficiary of large government projects put ENGR in a sweet spot.

Promoter/FII Holdings
Promoters held 51.5 per cent stake in the company as of Sept 30, 2020, while FIIs held 4.4 per cent, DIIs 23 per cent and public and others 21.1 per cent.

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