J. Kumar Infraprojects is Dolly Khanna’s latest stock pick
In the September 2022 quarter, Dolly Khanna has added 8,13,976 shares of J. Kumar Infraprojects. The investment is worth Rs 22 crore at the CMP of Rs 270.
The Company is promoted by Mr. Jagdishkumar M. Gupta who is the executive chairman. Mr. Kamal J. Gupta and Mr. Nalin J. Gupta are the Managing Directors.
The Company has a number of projects in Mumbai such as the Mumbai Metro, JNPT Flyovers & Road etc. It is a small-cap with a market capitalisation of Rs 2060 crore.
The fundamentals of the Company are as follows:
Key Fundamentals
| Parameter | Values | ||
| Market Cap | (Rs cr) | 2,060 | |
| EPS – TTM | (Rs) | [*S] | 34.65 |
| P/E Ratio | (X) | [*S] | 7.86 |
| Face Value | (Rs) | 5 | |
| Latest Dividend | (%) | 60.00 | |
| Latest Dividend Date | 08 Sep 2022 | ||
| Dividend Yield | (%) | 0.00 | |
| Book Value / Share | (Rs) | [*S] | 289.99 |
| P/B Ratio | (Rs) | [*S] | 0.94 |
[*C] Consolidated [*S] Standalone
Financial Results
| Particulars (Rs cr) | Sep 2022 | Sep 2021 | % Chg |
| Net Sales | 1012.78 | 771.98 | 31.19 |
| Other Income | 9.63 | 5.56 | 73.2 |
| Total Income | 1022.41 | 777.54 | 31.49 |
| Total Expenses | 867.13 | 661.95 | 31 |
| Operating Profit | 155.28 | 115.58 | 34.35 |
| Net Profit | 67.54 | 41.06 | 64.49 |
| Equity Capital | 37.83 | 37.83 | – |
Source: Business Standard
Shareholding
The market capitalisation is Rs 2060 crore. The promoters hold 46.65% while the Public holds 53.35%.
There is only one Mutual Fund, namely, HDFC BALANCED ADVANTAGE FUND holding 73,50,933 shares comprisig 8.87% of the equity capital.
Sunil Singhania‘s ABAKKUS GROWTH FUND-2 holds 20,05,000 comprising 2.65% of the equity.
A FII named LETKO BROSSEAU EMERGING MARKETS EQUITY FUND holds 17,49,988 shares comprising 2.32% of the equity.
Three HNIs, namely, MUKUL MAHAVIR AGRAWAL, ABHIJIT PERIWAL and DOLLY KHANNA hold 20,00,000, 8,53,956 and 8,13,976 respectively in the Company.
Porinju Veliyath has revealed that J. Kumar is a “core holding” in his PMS though the number of shares held is not known.
Very impressive Q2 results so far!
Raymond (We own over 4% of Co) best ever Qtr, watch out for perception change. Other core EQ holdings, Tata Commn. & J Kumar also reported good nos. Many more Indian cos are on a roll; en route to create superlative wealth for investors!— Porinju Veliyath (@porinju) November 8, 2022
Research Reports on J. Kumar
HDFC Securities has recommended a buy of JKIL for the target price of Rs. 370 on the following rationale:
“J. Kumar Infraprojects: JKIL reported yet another strong quarter, with revenue/EBITDA/APAT at 10.1/1.5/0.7bn, beating our estimates on all fronts by 13.2/13.4/28.4%. JKIL FY23 revenue guidance stands at INR 40-42bn, with EBITDA margin of 14-15%. The order inflow (OI) of INR 16.9bn in H1FY23 took the order book (OB) to INR 114.4bn (~3.2x FY22 revenue). JKIL reiterated its OI guidance for FY23 at INR 50bn, of which 33.8% orders were achieved in H1FY23. The balance sheet continues to be robust, with reduced gross debt at INR 4.5bn (D/E at 0.20x). With INR 520mn of Capex incurred in H1FY23, JKIL reiterated its FY23 Capex guidance of INR 0.9-1bn. The quarter’s outperformance on execution, order inflow and balance sheet is largely in line with our annual estimates; we continue with our valuation multiple at 9x. We maintain ADD, with a target price of INR 370/sh (9x Sep-24E EPS, rolled over).”
Dolly Khanna’s complete latest portfolio
The latest complete portfolio and holdings of Dolly Khanna is worth Rs 404 crore and is as follows:
| STOCK | VALUE (Rs CR) | NOS of Shares |
| Chennai Petroleum Corporation | 78.0 | 3,826,908 |
| Polyplex Corporation | 64.8 | 368,170 |
| KCP | 48.4 | 3,921,652 |
| Sharda opchem | 35.9 | 918,168 |
| Monte Carlo Fashions | 35.1 | 515,356 |
| J Kumar Infraprojects | 22.2 | 813,976 |
| Nitin Spinners | 16.5 | 851,793 |
| Manali Petrochemicals | 15.3 | 1,825,084 |
| Mangalore Chemicals & Fertilizers | 13.5 | 1,623,990 |
| Prakash Pipes | 10.8 | 665,323 |
| NCL Industries | 10.4 | 594,533 |
| Pondy Oxides & Chemicals | 7.7 | 195,616 |
| Rama Phosphates | 7.6 | 304,804 |
| Talbros Automotive Components | 7.4 | 150,215 |
| Control Print | 6.9 | 168,207 |
| Tinna Rubber and Infrastructure | 6.8 | 143,303 |
| Zuari Industries | 5.3 | 353,272 |
| Ajanta Soya | 5.2 | 1,242,830 |
| Deepak Spinners | 2.1 | 86,763 |
| Aries Agro | 1.9 | 143,502 |
| Simran Farms | 1.3 | 82,238 |
| National Oxygen | 0.59 | 51,784 |
| Total | 403.69 |
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