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Last Updated : Aug 10, 2018 04:45 PM IST | Source: Moneycontrol.com

Buy Gulf Oil Lubricants; target of Rs 1027: HDFC Securities

HDFC Securities is bullish on Gulf Oil Lubricants has recommended buy rating on the stock with a target price of Rs 1027 in its research report dated 09 Aug 2018.

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HDFC Securities' research report on Gulf Oil Lubricants

Gulf Oil Lubricants (Gulf Oil) 1QFY19 was healthy led by 33% YoY volume growth. Revenue at Rs 3.9bn in 1QFY19 grew by 39.4%. Gross margin declined by 136bps YoY to 46%. EBITDA grew by 31% to Rs 645mn. PAT at Rs 400mn was up by 17%. PAT lagged EBITDA on account of commissioning of Chennai plant and forex loss of Rs 20mn.

Outlook

We expect Gulf to continue registering 2-3x industry volume growth. Maintain BUY with TP of Rs 1,027 @ 25x FY20E EPS.

For all recommendations report, click here

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First Published on Aug 10, 2018 04:45 pm
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