Hold Solar Industries India, target price Rs 1026: Edelweiss

Solar Industries India Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 9569.32 Crore) operating in Chemicals sector.

Reuters
Promoters held 73.2 per cent stake in the company as of June 30, 2020, while FIIs held 4.4 per cent, DIIs 17.6 per cent and public and others 4.8 per cent.
Edelweiss has given hold rating to Solar Industries with a target price of Rs 1026. The share price moved down by 1.72 per cent from its previous close of Rs 1070.05. The stock’s last traded price is Rs 1051.65.
Solar Industries India Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 9569.32 Crore) operating in Chemicals sector.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 491.14 Crore, down 10.29 % from last quarter Sales of Rs 547.48 Crore and down -20.79 % from last year same quarter Sales of Rs 620.03 Crore. The Company reported net profit after tax of Rs 43.97 Crore in latest quarter.
Solar-graph

Investment Rationale
Q1FY21 bore the full brunt of lockdown with SOIL’s sales declining ~21% YoY. However, growth in exports along with strong order book of INR12bn remain key positives. Going forward, we will keep an eye on demand recovery as the lockdown eases. The brokerage maintains ‘HOLD’ with TP of INR1,026 (30x FY22E EPS).


Promoter/FII Holdings
Promoters held 73.2 per cent stake in the company as of June 30, 2020, while FIIs held 4.4 per cent, DIIs 17.6 per cent and public and others 4.8 per cent.

ADVERTISEMENT
READ MORE

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

More from our Partners

Loading next story
Text Size:AAA
Success
This article has been saved

*

+