With strong Q2 numbers we are quite bullish on this stock and recommending a strong buy for medium to long term, says Sumit Bilgaiyan of Equity99.
Acknit Industries manufactures and sells industrial safety gloves and garments in India and in International markets. Over 90% of its productions are exported to European countries. The company generates power through windmills also. Company is delivering robust financial performance since long time and it has posted fantastic numbers for Q2FY19 also.
For Q2FY19, its PAT grew by 68% to Rs 0.91 crore on higher sales of Rs 39.45 crore. During H1FY19, its PAT soared by 106% to Rs 2.10 crore on sales of Rs 73.78 crore.
On very small share capital of Rs 3.04 crore, company has huge reserves of Rs 38.28 crore. Stock is trading at P/E ratio of just 9x on its TTM EPS. Acknit’s share book value works out to Rs 135.93. With strong Q2 numbers we are quite bullish on this stock and recommending a strong buy for medium to long term.