P-Sec maintains buy on NRB Bearing

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P-Sec maintains buy on NRB Bearing

P-Sec is bullish on NRB Bearings and has maintained buy rating on the stock. stock is trading at 7.7x its FY09P earnings.

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P-Sec is bullish on NRB Bearings  and has maintained buy rating on the stock. stock is trading at 7.7x its FY09P earnings.

P-Sec research report on NRB Bearing

NRB reported robust topline growth of 16.7% y-o-y on back of domestic and exports growth during the quarter. EBIDTA margins saw an improvement of 157bps y-o-y and 132bps sequentially on account of lower raw -material as percentage of sales during the quarter resulting in bottomline growth of 36% due to higher other income. The company is well placed in the bearing industry with an overall market share of 12% in the domestic bearing industry and leadership in the needle bearing segment. The stock is trading at 7.7x its FY09P earnings. We recommend Buy.