Buy Mangalore Refinery And Petrochemicals, target price Rs 57: HDFC Securities

HDFC Securities has buy call on Mangalore Refinery And Petrochemicals with a target price of Rs 57. The current market price of Mangalore Refinery And Petrochemicals is Rs 53.76. HDFC Securities recommended to keep stop loss at Rs 51.5.

Mangalore Refinery And Petrochemicals, incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 9411.46 Crore) operating in Gas & Petroleum sector.

Mangalore Refinery And Petrochemicals key Products/Revenue Segments include Petroleum Products, Scrap, Other Operating Revenue and Oil Crude for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 31008.46 Crore, up 25.88 % from last quarter Total Income of Rs 24632.91 Crore and up 23.66 % from last year same quarter Total Income of Rs 25076.50 Crore. Company has reported net profit after tax of Rs -202.96 Crore in latest quarter.

The company’s top management includes Dr.Alka Mittal, Mr.Manohar Singh Verma, Mr.Asheesh Joshi, Mr.Rohit Mathur, Mr.Vinod S Shenoy, Mrs.Nivedida Subramanian, Mr.Rajkumar Sharma, Mr.Sanjay Varma, Mrs.Pomila Jaspal, Mr.M Venkatesh, Mr.Pankaj Gupta. Company has Sankar & Moorthy as its auditors. As on 31-12-2022, the company has a total of 175 Crore shares outstanding.

Investment Rationale
Sustainable upside after formation of bullish candle-stick pattern. Bottom formation likely at Rs 49.75.

Promoter/FII Holdings
Promoters held 88.58 per cent stake in the company as of 31-Dec-2022, while FIIs owned 1.05 per cent, DIIs 0.28 per cent.