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Buy Apollo Tyres; target of Rs 265: Motilal Oswal

Motilal Oswal is bullish on Apollo Tyres recommended buy rating on the stock with a target price of Rs 265 in its research report dated May 14, 2022.

May 17, 2022 / 07:37 AM IST
 
 
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Motilal Oswal's research report on Apollo Tyres


APTY’s 4QFY22 operating performance was above our estimates. The India business outperformed on all fronts, led by price hikes, while operating margin in the EU business was impacted by higher energy cost. Demand in the India business is expected to remain subdued due to geopolitical risk, commodity cost inflation, and recent rate hike by RBI. Demand in EU will remain strong, but profitability will remain under pressure due to commodity cost inflation. We maintain our FY23/FY24 consolidated EPS estimate and our Buy rating.


Outlook


We maintain our Buy rating with a TP of INR265/share (~12x Jun’24E consolidated EPS).


For all recommendations report, click here

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first published: May 17, 2022 07:37 am
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