Buy Affle (India), target price Rs 1365: ICICI Direct

ICICI Direct has buy call on Affle (India) with a target price of Rs 1365. The current market price of Affle (India) Ltd. is Rs 1215. Time period given by analyst is 3 months when Affle (India) Ltd. price can reach defined target.

Affle (India) Ltd., incorporated in the year 1994, is a Mid Cap company (having a market cap of Rs 16237.31 Crore) operating in Services sector.

Affle (India) Ltd. key Products/Revenue Segments include Media Entertainment and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 354.97 Crore, up 3.07 % from last quarter Total Income of Rs 344.40 Crore and up 114.92 % from last year same quarter Total Income of Rs 165.17 Crore. Company reported net profit after tax of Rs 55.70 Crore in latest quarter.

Investment Rationale
Going ahead, the brokerage expects the stock to continue with its current up move and head towards Rs 1365 levels in the coming months as it is the 80% retracement of the entire decline of January-May 2022

Promoter/FII Holdings
Promoters held 59.89 per cent stake in the company as of 30-Jun-2022, while FIIs owned 16.41 per cent, DIIs 5.79 per cent.