Nov 04, 2008, 02.37 PM IST | Source: Moneycontrol.com

Buy Lloyd Electric, target of Rs 61: Angel

Angel Broking has maintained its buy rating on Lloyd Electric and Engineering with a target of Rs 61. The 2QFY2009 Net Profits of the company have declined by 77.1% to Rs 3.2 crore (Rs 14.1 crore).

Angel Broking has maintained its buy rating on Lloyd Electric and Engineering with a target of Rs 61 in its November 3, 2008 research report. "The top-line of Lloyd Electric (Lloyd) declined by 17.3% yoy to Rs 121.9 crore (Rs 147.3 crore) in 2QFY2009. The 2QFY2009 Net Profits of the company have declined by 77.1% to Rs 3.2 crore (Rs 14.1 crore)."

"Further during 2008, the company has acquired a plant in Czech from Luvata which would give Lloyd a foothold in Europe and add to its Top-line and Bottom line. The company has registered a Top-line and Bottom-line de-growth during 2QFY2009, primarily due to tight liquidity scenario and a slowdown in the white goods segment, accounting for which we are downgrading our Top-Line and Bottom-Line estimates for FY200910. At CMP the stock trades at 3.1x its FY2010E EPS. We are bullish on the company due to its excellent positioning in the AC market in India thus we maintain a BUY with a Revised Target Price of Rs 61 (Rs 112)," says Angel Broking's research report.

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