Buy Suprajit Engineering, target price Rs 405: Axis Securities

Axis Securities has buy call on Suprajit Engineering with a target price of Rs 405. The current market price of Suprajit Engineering is Rs 356.35. Axis Securities recommended to keep stop loss at Rs 334.

Suprajit Engineering, incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 4937.12 Crore) operating in Auto Ancillaries sector.

Suprajit Engineering key Products/Revenue Segments include Auto Lamps, Other Operating Revenue, Sale of services for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 697.27 Crore, down -5.49 % from last quarter Total Income of Rs 737.81 Crore and up 43.08 % from last year same quarter Total Income of Rs 487.34 Crore. Company has reported net profit after tax of Rs 38.04 Crore in latest quarter.

The company’s top management includes Mr.K Ajith Kumar Rai, Mr.N S Mohan, Mr.Ian Williamson, Mr.Suresh Shetty, Dr.(Ms.)Supriya A Rai, Mr.M Lakshminarayan, Mrs.Bharati Rao, Mr.Harish Hassan Visweswara, Mr.Akhilesh Rai. Company has S R Batliboi & Associates LLP as its auditors. As on 31-12-2022, the company has a total of 14 Crore shares outstanding.

Investment Rationale
The stock on the weekly chart has decisively broken out above the “Symmetrical Triangle” pattern above347 level.

Promoter/FII Holdings
Promoters held 44.64 per cent stake in the company as of 31-Dec-2022, while FIIs owned 5.1 per cent, DIIs 15.62 per cent.