Feb 17, 2017 10:49 AM IST | Source: Moneycontrol.com
Buy Parag Milk Foods; target of Rs 264: KR Choksey
KR Choksey is bullish on Parag Milk Foods has recommended buy rating on the stock with a target price of Rs 264 in its research report dated February 15, 2017.
KR Choksey's research report on Parag Milk Foods
Parag Milk foods Ltd reported Q3FY17 revenue of INR 4460.7Mn with growth of 15.1% yoy and de-growth of 5.7% qoq. EBITDA was at INR loss of INR 144.5 with margins of around -3.2%. PAT before exceptional item for Q3FY17 was a loss of INR 214.8 Mn with margins of -4.8%.
We believe it would be stable in an around six months. We are cutting our target price from INR 329 to INR 264 with assigning multiple of 28x to FY19E EPS of INR 9.4 we recommend “BUY” rating on the stock with the target price of INR 264, with potential upside of 24.0%.
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