2701 Investors following BL Kashyap. Share this News with them.
0
Like this story, share it with millions of investors on M3
Buy BL Kashyap & Sons, target of Rs 1587: IIFL
IIFL has maintained its buy rating on BL Kashyap & Sons with a revised target price of Rs 1587. Boosted by strong revenue growth in 4QFY08, B L Kashyap’s net profit was ahead of IIFL's expectations, despite a 80bps contraction in margins.
IIFL has maintained its buy rating on BL Kashyap & Sons with a revised target price of Rs 1587 in its July 1, 2008 research report. "Boosted by strong revenue growth in 4QFY08, B L Kashyap's net profit was ahead of our expectations, despite a 80bps contraction in margins. With an order book of Rs 30 billion and robust order inflow momentum, we expect earnings CAGR of 31% over FY08-10ii. This is significantly lower than management's indication, and reflects our concerns regarding uncertainty on the BPTP order."
"We have tweaked our earnings estimates to marginally increase our revenue estimates and cut our EBITDA margin assumptions by 10bps. This translates into 4% and 2% downward revisions in FY09 and FY10 earnings estimates, respectively. Accordingly, we cut our target price to Rs 1587 from Rs 1623. Maintain BUY," says IIFL's research report.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
