Axis Direct's research report on Carborundum Universal
Carborundum’s (CUMI) operational performance in Q3FY18 was broadbased. In an inflationary situation, CUMI did well to improve margin (up 120 bps at ~17%) as it was able to get price hikes. Management expects the trend to continue over the next few quarters.
Outlook
With strong demand and capacities in place, management expects revenue of ~Rs 32 bn (Rs 21 bn in FY17) over next 2 years. Upgrade to BUY with revised TP of Rs 402 (23x FY20E EPS) as we roll forward to FY20.For all recommendations report, click here
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