Karvy's research report on IFB IndustriesIFB Industries Ltd, originally known as Indian Fine Blanks Ltd, has recorded 182% volume growth in Top Loader washing machine in Q2FY16 against Q2FY15 and targeting robust volume growth in FY16E; which contributes around 17% of the total revenue in Q1FY16.At CMP of Rs.450, the stock is trading at P/E of 21.1x for FY17E. With the anticipated increase in market share in top loader washing machine segment, increase in distribution network and increasing brand awareness, we expect that the consumer expenditure will further increase as the economy revives and hence there will be growth in IFB’s top line and bottom line as well. At P/E of 25.0x, we initiate the coverage with a “BUY” rating for a Target Price of Rs.534 representing an upside of 19%. For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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