Buy Polycab India, target price Rs 1,228: Anand Rathi
Company has reported net profit after tax of Rs 118.72 Crore in latest quarter.
By ETMarkets.com | Updated:
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Anand Rathi has given a buy rating to Polycab India with a target price of Rs 1,228. The share price moved up by 7.59 per cent from its previous close of Rs 883.45 on BSE. The stock’s last traded price is Rs 951.55.
Investment Rationale The brokerage maintains a Buy on Polycab India, with a higher target of Rs1,228. Key risks involves volatile raw-material prices, slowdown in government spend on infra.
Financials For the quarter ended 30-06-2020, the company has reported a Consolidated sales of Rs 976.60 Crore, down 54.14 per cent from last quarter Sales of Rs 2129.38 Crore and down 49.48 per cent from last year same quarter Sales of Rs 1932.98 Crore. Company has reported net profit after tax of Rs 118.72 Crore in latest quarter. Promoter/FII Holdings Promoters held 68.5 per cent stake in the company as of Sept 30, 2020, while FIIs held 6.1 per cent, DIIs 12.2 and public and others 13.1 per cent.
