Motilal Oswal's research report on EPL
EPLL’s operating performance continued to improve with EBITDA growth of 27%YoY (margins expanded 240bp YoY), led by better product mix and softening of raw material prices. EAP recorded the highest margins expansion of 350bp YoY followed by Europe/AMESA of 200bp/120bp, while Americas contracted by 420bp led by one-time health insurance expenses. We maintain our earnings estimates for FY24/FY25 and reiterate our Buy rating on the stock.
Outlook
We maintain our earnings estimates for FY24/FY25 and value the stock at 21x FY25 EPS to arrive at our TP of INR270. We reiterate our Buy rating.
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