Buy Garware Technical Fibres, target price Rs 3810: IIFL

IIFL has buy call on Garware Technical Fibres with a target price of Rs 3810. The current market price of Garware Technical Fibres is Rs 3659.2.

Garware Technical Fibres Ltd., incorporated in the year 1976, is a Mid Cap company (having a market cap of Rs 7545.63 Crore) operating in Textiles sector.

Garware Technical Fibres Ltd. key Products/Revenue Segments include Textiles, Contracts, Scrap, Raw Materials and Other Operating Revenue for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 309.20 Crore, down -14.38 % from last quarter Total Income of Rs 361.13 Crore and up 24.10 % from last year same quarter Total Income of Rs 249.15 Crore. Company has reported net profit after tax of Rs 28.19 Crore in latest quarter.

Investment Rationale
The stock has given a rounding bottom breakout

Promoter/FII Holdings
Promoters held 52.62 per cent stake in the company as of 30-Jun-2022, while FIIs owned 7.39 per cent, DIIs 5.93 per cent.