Sharekhan is bullish on PI Industries has recommended buy rating on the stock with a target price of Rs 2250 in its research report dated August 06, 2020.
Sharekhan's research repor on PI Industries
Funds raised via QIP to be deployed in 5-6 quarters and meet inorganic growth aspirations, which will aid diversification as well. Demand environment remains encouraging in both domestic (normal monsoon) and export markets (order book of $ 1.5 billion), guidance for over 20% growth in each; capex guidance of Rs. 550-600 crore remains for FY2021E. Company delivered strong performance in challenging times with revenue, EBITDA and PAT rising by 41%, 50%, and 43%, respectively.
Outlook
We reiterate Buy rating on PI Industries Limited with a revised PT of Rs.2,250 per share.
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