Visit http://indiaer.blogspot.com/ for complete details Rallis India |
Price target revised to Rs 1,800 |
BUY
CMP: Rs 1,416 Target Price: Rs 1,800
n Q2FY11 results were broadly in line with estimates with EBITDA margins of 24% and PAT growth of 23% to Rs 587 mn
n Revenues, +15% yoy, were below estimates due to floods in northern region - expected to catch up in the coming quarters
n Outlook for H2FY11 remains encouraging with estimated APAT growth of 44% based on strong domestic outlook
n With strong visibility, we rollover our price target to FY13E and revise price target to Rs 1,800 (from Rs 1,440) and maintain BUY
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