Buy Rei Agro; target of Rs 54: Swastika Investmart

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Swastika Investmart has recommended buy rating on Rei Agro with an upside potential of over 17%, target of Rs 54, in its November 20, 2009 research report.

"Rei Agro's half-yearly Profits for the current year of Rs. 90.50 crores are substantially more than last years full year profits of Rs. 60.93 crores. Company's Net Sales have been rising steadily since last 9 years (CAGR of 38.59%) and in FY 2009-10 the company is expected to post yet another year of highest sales in its history. Company's Operating Income has registered a growth of 41.11% in current fiscal amounting to Rs 2448.23 crores versus 1735.01 crores in the last year. Company's book value has increased with a CAGR of 38.23% p.a. during the period 2006 to 2009. The Net Worth has risen with a CAGR of 25.28% p.a. in last 3 years from the year 2006 to 2009. Company's Foreign Earnings have been continuously rising since last 7 years with a CAGR of 143.22% p.a," says Swastika Investmart research report.

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