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Prabhudas Lilladher Report
Praj Industries Ltd. is well poised for growth in the coming years given-
its strong leadership in domestic ethanol plants (~60- 65% market share),
prominent global presence in more than 100 countries and
significant focus on future-ready technologies like 2G ethanol (orders for three 2G based ethanol plants), compressed bio gas (opportunity of 5,000 CBG plants) and sustainable aviation fuel and
diversification in wastewater treatment, critical process equipment’s and system and hi-purity business.
We anticipate Praj’s revenue/profit after tax compound annual growth rate at 17.4%/29.3% over FY2022-25E led by robust order book, healthy tender pipeline, strong market leadership, pickup in execution, better operational efficiencies and well managed working capital cycle.
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