Buy Timken India, target price Rs 3560: ICICI Direct

ICICI Direct has buy call on Timken India with a target price of Rs 3560. The current market price of Timken India Ltd. is Rs 3005.7. Time period given by analyst is one year when Timken India Ltd. price can reach defined target.

Timken India Ltd., incorporated in the year 1996, is a Mid Cap company (having a market cap of Rs 22653.25 Crore) operating in Engineering sector.

Timken India Ltd. key Products/Revenue Segments include Bearings, Sale of services, Export Incentives for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Standalone Total Income of Rs 709.80 Crore, up 5.58 % from last quarter Total Income of Rs 672.30 Crore and up 50.79 % from last year same quarter Total Income of Rs 470.73 Crore. Company reported net profit after tax of Rs 118.10 Crore in latest quarter.

Investment Rationale
Timken has a strong balance sheet coupled with decent growth prospects led by strong growth in railways, wind and exports.

Promoter/FII Holdings
Promoters held 67.8 per cent stake in the company as of 30-Jun-2022, while FIIs owned 3.64 per cent, DIIs 12.61 per cent.