Buy Harsha Engineers International, target price Rs 439: Prabhudas Lilladher

Prabhudas Lilladher has buy call on Harsha Engineers International with a target price of Rs 439. The current market price of Harsha Engineers International is Rs 335.3.

Harsha Engineers International, incorporated in the year 2010, is a Small Cap company (having a market cap of Rs 3049.98 Crore) operating in General sector.

Harsha Engineers International key Products/Revenue Segments include Domestic Appliances, Sale of services, Export Incentives and Solar Power for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 314.18 Crore, down -3.70 % from last quarter Total Income of Rs 326.24 Crore and unchanged .00 % from last year same quarter Total Income of Rs Crore. Company has reported net profit after tax of Rs 31.74 Crore in latest quarter.

The company’s top management includes Mr.Rajendra Shah, Mr.Harish Rangwala, Mr.Vishal Rangwala, Mr.Pilak Shah, Ms.Hetal Ukani, Mr.Ambar Patel, Ms.Neharika Vohra, Mr.Kunal Shah, Mr.Bhushan Punani, Mr.Rajendra Shah, Mr.Ramakrishnan Kasinathan, Mr.Harish Rangwala, Mr.Vishal Rangwala, Mr.Pilak Shah, Ms.Hetal Ukani, Mr.Ambar Patel, Ms.Neharika Vohra, Mr.Kunal Shah, Mr.Bhushan Punani, Mr.Ramakrishnan Kasinathan. Company has Pankaj R Shah & Associates as its auditors. As on 31-12-2022, the company has a total of 9 Crore shares outstanding.

Investment Rationale
The company is well placed for long-term growth given its leadership position in the domestic and global organized bearing cages market (~50-60% share and ~6.5% share respectively), long standing relationships with top bearing players, excellence in tooling & customized precision engineering and increasing share of higher value products in the mix.

Promoter/FII Holdings
Promoters held 74.61 per cent stake in the company as of 31-Dec-2022, while FIIs owned 4.07 per cent, DIIs 11.06 per cent.