Prabhudas Lilladher's research report on NOCIL
We increase our FY21/FY23E estimates by 13%/16% to factor in higher other income (tax refund) and increase our FY23 margin assumption to 22.5% (21% earlier) to include operating leverage. While near term demand slowdown in China and India is a concern, long term opportunities remain impressive. Nocil, with new capacities commissioned is poised to benefit from any recovery in auto demand.
Reiterate BUY with a PT of Rs153 (Rs96) based on 15x PER FY23E (15x FY21 earlier).
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