Buy Suprajit Engineering, target price Rs 450: Emkay Global

Emkay Global has buy call on Suprajit Engineering with a target price of Rs 450. The current market price of Suprajit Engineering Ltd. is Rs 334.95.

Suprajit Engineering Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 4590.98 Crore) operating in Auto Ancillaries sector.

Suprajit Engineering Ltd. 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 30-09-2022, the company reported a Consolidated Total Income of Rs 737.81 Crore, up 11.23 % from last quarter Total Income of Rs 663.33 Crore and up 45.00 % from last year same quarter Total Income of Rs 508.85 Crore. Company reported net profit after tax of Rs 45.75 Crore in latest quarter.


Investment Rationale
The brokerage reaffirms BUY rating on the stock with a TP of Rs450 (Rs440 earlier), based on 20x Dec-24E EPS (Sep-24E earlier). Key risks: Slower acceptance of new products and adverse movement in currency/commodity prices

Promoter/FII Holdings
Promoters held 44.64 per cent stake in the company as of 30-Sep-2022, while FIIs owned 4.95 per cent, DIIs 15.2 per cent.