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Last Updated : Sep 13, 2019 12:15 PM IST | Source: Moneycontrol.com

SRF gains 2% after IDFC Securities initiates coverage with outperform call

The stock has given more than 35 percent return in the last one year.

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SRF gained 2 percent intraday on September 13 after IDFC Securities initiated coverage on the stock with an outperform call and target price at Rs 3,347 per share, implying 23.5 percent potential upside from current levels.

The stock has given more than 35 percent return in the last one year. It was quoting at Rs 2,738.45, up Rs 28.40, or 1.05 percent, on the BSE at 1145 hours.

"Specialty chemicals business is now at a tipping point. R&D & infrastructure investment are set to meet latent demand from global innovators," said the brokerage house.

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According to IDFC, the backward-integrated refrigerants business may post healthy 15 percent revenue CAGR, though growth in package films should moderate over FY20-21 before picking up in FY22.

The research house feels technical textiles will remain a cash cow and it expects overall 14.2 percent revenue and 19.5 percent EBITDA CAGR over FY19-21.

In the June quarter, SRF posted a 42.6 percent year-on-year growth in profit at Rs 185.13 crore and revenue grew by 9 percent to Rs 1,828.44 crore in Q1 YoY.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Sep 13, 2019 12:15 pm
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