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Nov 04, 2008, 01.07 PM IST
Karvy Stock Broking has maintained its buy rating on EID Parry (India) with a target of Rs 230. The company has reported profit of Rs 117.8 million at PBIT in Q2FY09 as compared to loss of Re 347.7 in Q2FY08.
Karvy Stock Broking has maintained its buy rating on EID Parry (India) with a target of Rs 230 in its November 4, 2008 research report. "For Q2FY09, EID Parry (I) reported the revenue increase of 55.7% YoY (QoQ increase of 16.4%) to Rs 2.51 billion due to higher sugar sales. The company has reported profit of Rs 117.8 million at PBIT in Q2FY09 as compared to loss of Re 347.7 in Q2FY08."
"We expect the revenue to increase at a CAGR of 22% to Rs 9.7 billion in FY10. We expect the profit of Rs 333 million in FY09 and Rs 691 million in FY10. We maintain sugar business valuation at EV/ Ton of Rs 0.35 million to FY09 capacity. Considering the addition of cash Rs 81 per share from sale of stake in Sanitaryware business, we are valuing sugar business at Rs 149. The valuation from 69% stake in Coromandal fertilizer is maintained to Rs 81 per share. We maintain our valuation based on sum of parts with target price Rs 230 with BUY rating," says Karvy Stock Broking's research report.
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