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Last Updated : Jun 15, 2020 02:54 PM IST | Source: Moneycontrol.com

Buy Dhanuka Agritech; target of Rs 656: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Dhanuka Agritech has recommended buy rating on the stock with a target price of Rs 656 in its research report dated June 11, 2020.

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Prabhudas Lilladher's research report on Dhanuka Agritech


Dhanuka Agritech reported better than expected results driven by higher than anticipated sales in South (up 55%) and West (up 95%) in 4QFY20. Operating leverage benefits and cost control measures led to 39% growth in EBITDA. Earnings growth is expected to accelerate driven by robust demand for Herbicides, traction in North & South India along with 5 new launches in FY21. Since Dhanuka's fortunes are entirely dependent on domestic agchem industry (with underlying tailwinds for the sector) earnings growth has a potential to surprise on the upside.



Outlook


Maintain Buy with target price of Rs 656 based on 16x FY22E earnings.




For all recommendations report, click here

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First Published on Jun 15, 2020 02:54 pm
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