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    HomeNewsBusinessStocksBuy Lakshmi Machine Works; target of Rs 4000: Religare

    Buy Lakshmi Machine Works; target of Rs 4000: Religare

    Religare is bullish on Lakshmi Machine Works has recommended buy rating on the stock with a target price of Rs 4000 in its research report dated August 08, 2016.

    August 08, 2016 / 13:50 IST
       
       
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      Religare's research report on Lakshmi Machine Works

      LMW’s Q1FY17 results were below estimates (revenue/PAT of Rs 5.6bn/Rs 333mn; -11%/-24% YoY), as delayed execution of some textile machinery projects muted topline growth. However, Q2FY17 could be strong as work on these delayed orders is expected to commence. Amidst a depressed market globally, LMW has been able to increase market share (64% domestic share). We maintain BUY on the back of strong return ratios, a robust balance sheet and improving market share.
      We maintain BUY given LMW’s strong ROCE, robust balance sheet and high market share (64%). Our Mar’17 TP remains unchanged at Rs 4,000 (exit P/E of 20x).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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      first published: Aug 8, 2016 01:50 pm

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