Reduce Solar Industries India, target price Rs 924: ICICI Securities

Solar Industries India Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 9619.09 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 & others 4.8 per cent.
ICICI Securities has given reduce rating to Solar Industries with a target price of Rs 924. The share price moved up by 0.80 per cent from its previous close of Rs 1061.15. The stock’s last traded price is Rs 1069.60.

Solar Industries India Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 9619.09 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
Management expects infra and housing segments to recover in H2FY21. The business is currently being overseen by Mr. Suresh Menon (Executive Director). The brokerage values SOIL at 26x FY22E P/E.

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 & others 4.8 per cent.
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