Buy HG Infra Engineering; target of Rs 700: ICICI Direct

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ICICI Direct's research report on HG Infra Engineering

HG Infra Engineering is a Jaipur (Rajasthan) based infrastructure company having primary focus on roads and allied sectors. Additionally, the company is actively looking to diversify itself by targeting into railways, airport and water infra segment. Reported 27.9% revenue CAGR over FY17-22 with improved operating margin • Prudent management, lean balance sheet position, superior return ratios.

Outlook

We maintain BUY rating as we expect execution pace to pick up considerably in the near-to-medium term. Also, margins are likely to improve here on gradually with softened input prices and better project mix. We value HG Infra at a target price of Rs 700.

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HG Infra Engineering - 14 -11-2022 - icici