Buy Piramal Enterprises, target price Rs 1200: Emkay Global Financial Services

Emkay Global Financial Services has buy call on Piramal Enterprises with a target price of Rs 1200.The current market price of Piramal Enterprises Ltd. is Rs 898.95 .

Piramal Enterprises, incorporated in the year 1947, is a Large Cap company (having a market cap of Rs 21390.23 Crore) operating in Diversified sector.

Piramal Enterprises key Products/Revenue Segments include Pharmaceuticals, Interest, Income From Financial Services, Sale of services, Dividend, Other Operating Revenue 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 1956.23 Crore, down -47.50 % from last quarter Total Income of Rs 3726.46 Crore and down -39.50 % from last year same quarter Total Income of Rs 3233.59 Crore. Company has reported net profit after tax of Rs -1708.48 Crore in latest quarter.

The company’s top management includes Mr.Ajay G Piramal, Mr.Anita George, Mr.Suhail Nathani, Mr.N Vaghul, Mr.Shikha Sharma, Mr.S Ramadorai, Ms.Anjali Bansal, Mr.Khushru Jijina, Mr.Kunal Bahl, Mr.Vijay Shah, Mr.Anand Piramal, Mr.Puneet Dalmia, Ms.Nandini Piramal, Dr.(Mrs.)Swati A Piramal, Mr.Rajiv Mehrishi. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-09-2022, the company has a total of 24 Crore shares outstanding.

Investment Rationale
The brokerage is bullish on Piramal given the strong upside potential it offers on its target price.

Promoter/FII Holdings
Promoters held 43.48 per cent stake in the company as of September 2022 quarter, while FIIs owned 32.05 per cent, DIIs 7.85 per cent.