7630 Investors following Everest Kanto. Share this News with them.
0
Like this story, share it with millions of investors on M3
Buy Everest Kanto, target of Rs 440: Karvy
Karvy Stock Broking has maintained its buy rating on Everest Kanto Cylinder with a price target of Rs 440. Everest Kanto Cylinder's (EKC) 4QFY08 sales were better then research firm's estimates and profits were in line with research firm's estimates.
Karvy Stock Broking has maintained its buy rating on Everest Kanto Cylinder with a price target of Rs 440 in its May 30, 2008 research report. "Everest Kanto Cylinder's (EKC) 4QFY08 sales were better then our estimates and profits were in line with our estimates. We have done QoQ comparison as 4QFY07 figures are standalone numbers as compared to consolidated figures for 3QFY08 and 4QFY08. EKC reported revenues of Rs 1,642 million, 31% growth over 3QFY08 revenues of Rs 1,255 million."
"EKC reported net profit of Rs 277.2 million for the quarter as against our estimate of Rs 276.8 million and Rs 294 million reported during 3QFY08. After adjusting for prior period items, net profit for the quarter stood at Rs 242 million. Effective tax rate for the quarter stood at 19% as against 21% for 3QFY08. We maintain our BUY recommendation on the stock with our price target of Rs 440," says Karvy'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.
