Buy Balrampur Chini Mills., target price Rs 435: Axis Securities

Axis Securities has buy call on Balrampur Chini Mills with a target price of Rs 435. The current market price of Balrampur Chini Mills is Rs 402.7. Axis Securities recommended to keep stop loss at Rs 391.

Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8130.49 Crore) operating in Sugar sector.

Balrampur Chini Mills key Products/Revenue Segments include Sugar, Alcohol (Industrial), Power, Bagasse, Export Incentives, Others for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 1507.84 Crore, up 50.57 % from last quarter Total Income of Rs 1001.40 Crore and up 16.76 % from last year same quarter Total Income of Rs 1291.37 Crore. Company has reported net profit after tax of Rs 249.13 Crore in latest quarter.

The company’s top management includes Mr.Vivek Saraogi, Mr.Naresh Dayal, Mr.D K Mittal, Mr.Krishnava Dutt, Ms.Veena Hingarh, Ms.Mamta Binani. Company has Lodha & Co. as its auditors. As on 31-03-2023, the company has a total of 20 Crore shares outstanding.

Investment Rationale
Strong rebound from 100-day SMA, huge volumes ,well placed above 20, 50, 100 and 200 day SMA.

Promoter/FII Holdings
Promoters held 42.9 per cent stake in the company as of 31-Mar-2023, while FIIs owned 13.52 per cent, DIIs 20.88 per cent.