Axis Direct is bullish on KRBL has recommended buy rating on the stock with a target price of Rs 440 in its research report dated June 09, 2017.
Axis Direct's research report on KRBL
KRBL in Q4FY17 posted revenues of Rs 913 Cr. (up 28% YoY, up 14% QoQ), on account of 26% volume growth in the overall rice production. Due to brand strength, lower cost of material consumed, higher price realizations in domestic market and other efficiencies, KRBL recorded PAT of Rs 110 Cr. (up 18% YoY, down 1% QoQ).
We believe changes in consumer preference towards branded Basmati rice in domestic market, Iran resuming purchases and entry into premium health foods segment augurs well for KRBL’s earnings. We value KRBL at 20x FY19E EPS and maintain BUY recommendation with a Target Price of Rs. 440.
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