Buy Coromandel International; target of Rs 1050: Motilal Oswal
Motilal Oswal is bullish on Coromandel International recommended buy rating on the stock with a target price of Rs 1050 in its research report dated July 27, 2021.
August 06, 2021 / 01:47 PM IST
Motilal Oswal's research report on Coromandel International
CRIN reported a strong operating performance in 1QFY22 on the back of gross margin expansion, due to diversified sourcing, backward integration, cost efficiency, and inventory gain. Sustainability of gross margin and volume growth remains a key monitorable going forward. Factoring better-than-expected earnings, we have increased our FY22E/FY23E PAT estimate by 5%/1%. We maintain our Buy rating.
We expect revenue/EBITDA/PAT CAGR of 10%/10%/13% over FY21-23E. We value CRIN at 18x FY23E EPS to arrive at our TP of INR1,050. We maintain our Buy rating.
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