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Buy Butterfly Gandhimathi Appliances; target of Rs 1620: ICICI Direct

ICICI Direct is bullish on Butterfly Gandhimathi Appliances recommended buy rating on the stock with a target price of Rs 1620 in its research report dated February 24, 2022.

February 24, 2022 / 04:22 PM IST
 
 
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ICICI Direct's research report on Butterfly Gandhimathi Appliances

Butterfly Gandhimathi (BGAL) is one of the leading manufacturers of kitchen & electrical appliances in India and sells its products branded as ‘Butterfly’. The company is a market leader in India for SS LPG stoves & table top wet grinders and major supplier of mixer grinders & pressure cookers • Over the last three years, BGAL has enhanced its focus on modern trade/online distribution channels to capture higher revenue growth.


Outlook

We maintain BUY recommendation on the stock. We value BGAL at Rs 1620 i.e. 2x FY24E EV/sales.