Dolat Capital recommended accumulate rating on Sharda Cropchem with a target price of Rs 410 in its research report dated August 01, 2018.
Dolat Capital's research report on Sharda Cropchem
Revenues grew by 34% largely led by price/product mix effect of 20.8%, positive currency effect of 9.1% and 4.1% volume growth. However, the gross margins continue to be in pressure owing to China supply side constraints. The double whammy of high interest cost dented net earnings.
We have revised our target price downwards to ` 410(Earlier ` 488), valuing at a lower multiple of 14x (earlier 16x) FY20E EPS. The stock is currently available at 16.3x and 12.4x FY19E and FY20E EPS. Maintain ‘Accumulate’.
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