Buy Praj Industries, target price Rs 453: ICICI Securities

ICICI Securities has buy call on Praj Industries with a target price of Rs 453. The current market price of Praj Industries is Rs 429.65. ICICI Securities recommended to keep stop loss at Rs 413.

Praj Industries, incorporated in the year 1985, is a Small Cap company (having a market cap of Rs 7890.48 Crore) operating in Engineering sector.

Praj Industries key Products/Revenue Segments include Sale of services and Scrap for the year ending 31-Mar-2023.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 748.84 Crore, down -26.60 % from last quarter Total Income of Rs 1020.18 Crore and up 1.83 % from last year same quarter Total Income of Rs 735.35 Crore. Company has reported net profit after tax of Rs 58.67 Crore in latest quarter.

Investment Rationale
On the verge of multi-year breakout while weekly RSI already resolved above two years high.

Promoter/FII Holdings
Promoters held 32.82 per cent stake in the company as of 30-Jun-2023, while FIIs owned 18.3 per cent, DIIs 8.39 per cent.