HG Infra Engineering shares will be closely watched on Monday after the company received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd for 250 MW/500 MWH of the project for the establishment of 500 MW/1000 MWh standalone battery energy storage systems in Gujarat under tariff-based global competitive bidding (Phase-IV), with viability gap funding support for the said project.
The project is expected to be completed within 18 months.
HG Infra Engineering reported a 16% year-on-year (YoY) decline in net profit to Rs 80.7 crore for the second quarter ended September 30, 2024. In the preceding fiscal quarter, HG Infra Engineering made a net profit of Rs 96.1 crore, according to a regulatory filing.
The company’s revenue from operations declined 5.5% year on year to Rs 902.4 crore from Rs 954.5 crore. At the operating level, EBITDA fell 0.3% to Rs 219.5 crore in the second quarter of this fiscal year, compared to Rs 220.1 crore in Q2 FY24. In the reporting quarter, the EBITDA margin was 24.3%, up from 23% the previous year. EBITDA is earnings before interest, taxes, depreciation, and amortization.
HG Infra Engineering shares target price
Trendlyne reports that 15 out of 16 analysts recommend a ‘buy or strong buy’ on HG Infra Engineering shares, while one suggests a ‘hold.’ The average 12-month target price is Rs 1704, indicating a potential 13% increase from present prices.
HG Infra Engineering shares performance
On Friday, HG Infra Engineering’s shares closed at Rs 1509, down 1.2% on the BSE, while the benchmark Sensex fell 0.9%. The stock has risen 76% in the previous 12 months and 137% in the last two years. The company’s market valuation is Rs 9,834 crore.
