Buy Safari Industries (India), target price Rs 1036: Axis Securities

Axis Securities has buy call on Safari Industries (India) with a target price of Rs 1036. The current market price of Safari Industries (India) is Rs 928.55. Time period given by analyst is nine months when Safari Industries (India) Ltd. price can reach defined target.

Safari Industries (India) Ltd., incorporated in the year 1980, is a Small Cap company (having a market cap of Rs 1296.01 Crore) operating in Plastics sector.

Safari Industries (India) Ltd. key Products/Revenue Segments include Luggage Items and Scrap for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 190.60 Crore, up 56.19 % from last quarter Total Income of Rs 122.03 Crore and up 199.42 % from last year same quarter Total Income of Rs 63.66 Crore. Company reported net profit after tax of Rs 10.62 Crore in latest quarter.


Investment Rationale
While the second wave of Covid had an adverse impact on H1FY22, a robust demand recovery is expected in H2FY22 on account of rising leisure trips, festive season, workation, and opening up economies increasing international travel as well as the pent up demand due to postponement of marriage season.

Promoter/FII Holdings
Promoters held 49.9 per cent stake in the company as of 30-Sep-2021, while FIIs owned 18.61 per cent, DIIs 3.86 per cent.