ICICI Direct has given Buy recommendation for PSP Projects with a target price of Rs. 710 in its research report issued on Aug 11, 2022

ICICI Direct’s research report on PSP Projects

Incorporated in 2008 by Prahladbhai Patel, PSP Projects (PSP) is one of the prominent contractors offering a diversified range of construction and allied services. Its focus remains on industrial, institutional, government, government residential and residential projects. PSP reported 34.3%, 31.2%, 31.3% CAGR in topline, EBITDA, PAT CAGR, respectively, during FY17-22 • Prudent management, net debt free, robust return ratios (RoCE: ~25+%).

Outlook

We maintain our BUY rating on the company. We value PSP at Rs 710/share (14x FY24 P/E).

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