Buy Graphite India; target of Rs 1000: ICICI Direct

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ICICI Direct's research report on Graphite India

Graphite India (GIL) reported a stellar Q3FY18 performance. On the back of higher-than-expected realisations, the performance was significantly higher on all fronts. The company reported a capacity utilisation of ~95% in line with our estimates. Income from operations were at RS 933.1 crore (up 176.4% YoY, 102% QoQ), higher than our estimate of RS 556.3 crore

Outlook

We expect the company to continue to report a robust performance, going forward. We value the company at 10x FY19E EV/EBITDA. Hence, we arrive at a target price of RS 1000. We maintain our BUY recommendation on the stock.For all recommendations report, click here

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