Buy Mishra Dhatu Nigam, target price Rs 285: ICICI Direct

ICICI Direct has buy call on Mishra Dhatu Nigam with a target price of Rs 285. The current market price of Mishra Dhatu Nigam Ltd. is Rs 245.15. Time period given by analyst is 1 year when Mishra Dhatu Nigam price can reach defined target.

Mishra Dhatu Nigam, incorporated in the year 1973, is a Mid Cap company (having a market cap of Rs 4598.43 Crore) operating in Metals - Ferrous sector.

Mishra Dhatu Nigam key Products/Revenue Segments include Steel Alloys, Export Items, Other Operating Revenue and Sale of services for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 190.36 Crore, up 55.63 % from last quarter Total Income of Rs 122.32 Crore and up .18 % from last year same quarter Total Income of Rs 190.02 Crore. Company has reported net profit after tax of Rs 33.56 Crore in latest quarter.

The company’s top management includes Dr.Sanjay Kumar Jha, Mr.Gowri Sankara Rao Naramsetti, Mr.Anurag Bajpai, Mr.T Muthukumar, Mr.V Chakrapani, Mrs.V T Rema. Company has Sarath & Associates as its auditors. As on 30-06-2022, the company has a total of 19 Crore shares outstanding.

Investment Rationale
Given the healthy demand environment from both defence and space segment, the brokerage expects a healthy pick-up in the topline, going forward. Hence, it has upgraded the stock from HOLD to BUY.

Promoter/FII Holdings
Promoters held 74 per cent stake in the company as of 30-Jun-2022, while FIIs owned 0.51 per cent, DIIs 14.59 per cent.