Moneycontrol Be a Pro
Get App
Last Updated : Jun 13, 2019 03:57 PM IST | Source:

Accumulate Amara Raja Batteries; target of Rs 687: Dolat Capital

Dolat Capital recommended Accumulate rating on Amara Raja Batteries with a target price of Rs 687 in its research report dated May 16, 2019.

Broker Research @moneycontrolcom
  • bselive
  • nselive
Todays L/H

Dolat Capital's research report on Amara Raja Batteries

Amara Raja’s Q4FY19 results were broadly in line with our estimates. The net revenue was ` 15.6bn (-1% YoY due to muted revenue from the automotive OEM segment and the telecom segment, offset by decent growth in the automotive replacement and inverter sales. The APAT grew 7% YoY to ` 1.20 bn, due to margin expansion. We remain positive about the Indian batteries market, as we expect 1) replacement demand to further improve, given healthy primary sales in the past three years, 2) a market share gain from unorganized players, after GST implementation, 3) an uptick in the nascent e-rickshaws /solar battery segments.


We forecast Revenue/EBITDA/PAT CAGR of 9%/11%/10% over FY19-21E. We recommend Accumulate, with a TP ` 687 (20x FY21E EPS).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jun 13, 2019 03:57 pm
Follow us on
Available On
PCI DSS Compliant