Accumulate Rupa and Co; target of Rs 432: Hem Securities

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Hem Securities report on Rupa and Co

Rupa & Co Q4 FY22 consolidated revenues came in at ₹455 Cr, up 5.8% QoQ aided by price hikes undertaken during the quarter. PBIDT for Q4FY22 stood at 77.8 Cr, down % 17 YoY and 7% QoQ. PBIDTM for Q4FY22 came at 17%, down 400bps YoY and 200bps QoQ due to higher brand scaling and endorsements. PAT for Q4FY22 stood at ₹49 Cr, down 25% YoY and 15 % QoQ.

Outlook

We initiate a “ACCUMULATE” rating on the stock and value the stock at 16x FY23E earnings to arrive at the target of ₹432.

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