External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Praj Industries posted a robust set of numbers for the quarter with the company’s performance inline with our expectations</li><li>Company’s Bio Energy orderbook grew by 6% q-o-q &amp; 146% y-o-y on account of strong demand for grain based distelleries</li><li>We maintain our BUY with a revised target price of Rs 477 (from Rs 472 earlier) valuing the company at 39x (~30% discount to TTM PE of 55x) FY23 EPS, implying an upside of 19% from the CMP 400.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Praj Industries posted a robust set of numbers for the quarter with the company’s performance inline with our expectationsCompany’s Bio Energy orderbook grew by 6% q-o-q &amp; 146% y-o-y on account of strong demand for grain based distelleriesWe maintain our BUY with a revised target price of Rs 477 (from Rs 472 earlier) valuing the company at 39x (~30% discount to TTM PE of 55x) FY23 EPS, implying an upside of 19% from the CMP 400.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Praj Industries: Continued Traction in New Order Book Growth & Execution

<ul><li>Praj inks MoU with IndianOil for accelerating transition to cleaner skies through production of Alcohol to Jet fuels.</li><li>Praj is witnessing strong growth in its key segment Bio Energy in Domestic business, the overall demand-supply gap of Ethanol, increased interest in grain based distelleries</li><li>We maintain our BUY with a revised target price of Rs 472 valuing the company at 35x (~20% discount to TTM PE of 45x) FY23 EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Praj inks MoU with IndianOil for accelerating transition to cleaner skies through production of Alcohol to Jet fuels.Praj is witnessing strong growth in its key segment Bio Energy in Domestic business, the overall demand-supply gap of Ethanol, increased interest in grain based distelleriesWe maintain our BUY with a revised target price of Rs 472 valuing the company at 35x (~20% discount to TTM PE of 45x) FY23 EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Praj Industries: Reaffirming Our Positive Outlook

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<p><a href="https://www.smartkarma.com/entities/praj-industries-ltd" target="_blank" data-smartkarma-citation="entities:13831:1" rel="noopener">Praj Industries (PRJ IN)</a> operational performance remains subdued, with the company reporting a growth in its revenue only two out of the past five years.  </p><p>Given the large scale of operations and no debt on its balance sheet size, there is no major pressure on the survival. However, there appears to be inefficient asset allocation coupled with questionable earning and asset quality. Further, the profitability margins have been inconsistent over time and depict a distorted picture. </p>

Praj Industries (PRJ IN) operational performance remains subdued, with the company reporting a growth in its revenue only two out of the past five years.  Given the large scale of operations and no debt on its balance sheet size, there is no major pressure on the survival. However, there appears to be inefficient asset allocation coupled with questionable earning and asset quality. Further, the profitability margins have been inconsistent over time and depict a distorted picture. 

India

Praj Industries Limited is an engineering firm that provides solutions for distillery and brewery wastewater treatment and utilization. The Company's fermentation systems include technology packages for multiple feedstock including cane molasses, cane juice and filtrate, starch based raw material like corn, sorghum, wheat, tapioca and tropical sugarbeet.

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Praj Industries (PRJ IN)

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

Praj Industries: Continued Traction in New Order Book Growth & Execution

We maintain our BUY with a revised target price of Rs 477 (from Rs 472 earlier) valuing the company at 39x (~30% discount to TTM PE of 55x) FY23...

Axis Direct

Praj Industries: Reaffirming Our Positive Outlook

Praj inks MoU with IndianOil for accelerating transition to cleaner skies through production of Alcohol to Jet fuels. Praj is witnessing strong...

Axis Direct

Forensic Analysis: Praj Industries

There is no major pressure on the survival. However, there appears to be inefficient asset allocation coupled with questionable earning and asset...

Nitin Mangal

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