Buy Reliance Infrastructure - Kotak

EPC execution drives operational performance

Reliance Infrastructure (RELI) reported a sharp increase in execution at the construction division, yielding a strong operational performance in the standalone business.

We are encouraged by the pick-up in capex run-rate for infrastructure project with RELI's total equity investment in infrastructure SPV at Rs42.6 bn, though we remain cautious on profitability and execution timelines of these projects.

We maintain BUY rating and TP of Rs890/share.

Source : Equity Bulls

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