Moneycontrol
Feb 23, 2017 10:53 AM IST | Source: Moneycontrol.com

Buy IFGL Refractories; target of Rs 240: Centrum

Centrum is bullish on IFGL Refractories has recommended buy rating on the stock with a target price of Rs 240 in its research report dated February 15, 2017.

Buy IFGL Refractories; target of Rs 240: Centrum

Centrum's report on IFGL Refractories

Its subsidiary, IFGL exports, located in Kandla (IEL) continued to deliver growth as it ramped-up and delivered EBITDA of Rs54mn (up 150% YoY) with strong margins of 26.4%. Monocon operations showed subdued performance after a strong Q2 led by seasonal factors and bunching up of some big engineering orders in Q2.

Outlook

We maintain our Buy rating on IFGL Refractories Ltd. and revise our TP to Rs 240. Q3 performance was satisfactory (EBITDA up 11% YoY) with high margin subs of IEL/EIC continuing to do well.

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