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Apr 24, 2009, 03.14 PM IST | Source: Moneycontrol.com

Hold KSB Pumps, target of Rs 292: KRChoksey

KRChoksey has recommended a hold rating on KSB Pumps with a target price of Rs 292. KSB reported net sales of Rs 134.2 crore, marginally up 2% y-o-y & declined by 23% q-o-q.

KRChoksey has recommended a hold rating on KSB Pumps with a target price of Rs 292 in its April 23, 2009 research report.

"KSB reported net sales of Rs 134.2 crore, marginally up 2% y-o-y & declined by 23% q-o-q. Operating Profits stood at Rs 22.5 crore, increased by 6% y-o-y and OPM improved by 68 bps on the back of growth in the pumps business by 6% y-o-y. Net profit reported was Rs 13.5 crore, improved by 5% y-o-y and profit margins expanded by 33 bps y-o-y to 10.1% on account of higher interest and depreciation cost due to heavy capex exercised by the company during this year. We recommend a Hold on the stock with target price of Rs 292, giving an upside of 12%," says KRChoksey's research report.

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