Moneycontrol PRO
Open App

Buy Patanjali Foods; target of Rs 1750: ICICI Direct

ICICI Direct is bullish on Patanjali Foods has recommended buy rating on the stock with a target price of Rs 1750 in its research report dated September 20, 2022.

September 21, 2022 / 01:39 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

ICICI Direct's research report on Patanjali Foods


Patanjali Foods (PFL) is one of the largest edible oil companies in India with oilseed extraction (mustard, soybean & others) & refining capacity of 3.9 million tonnes per annum (MTPA). This includes seven standalone coastal refineries for processing imported crude palm oil (CPO). PFL also has a sizable food business, which includes soya chunks & soya flour under ‘Nutrela’ brand. It acquired the biscuits, noodles and breakfast cereals business from Patanjali Ayurveda (PAL) in May-June 2021 and remaining foods business portfolio of PAL in July 2022, which includes Rs 4173 crore of sales through products under categories like cow ghee, edible oil, honey, Chyawanprash, atta, pickles, juices, jams & ketchup. The company also forayed into nutraceutical and wellness products in FY22.



Outlook


We value PFL at 40x FY24 earnings to arrive at a target price of Rs 1750/share.

Close

More Info


At 13:36 hrs Patanjali Foods was quoting at Rs 1,466.95, up Rs 65.50, or 4.67 percent.


It has touched an intraday high of Rs 1,471.50 and an intraday low of Rs 1,411.00.


It was trading with volumes of 515,442 shares, compared to its thirty day average of 50,761 shares, an increase of 915.44 percent.


In the previous trading session, the share closed up 5.00 percent or Rs 66.70 at Rs 1,401.45.


The share touched its 52-week high Rs 1,415.00 and 52-week low Rs 706.00 on 12 September, 2022 and 06 April, 2022, respectively.


Currently, it is trading 3.67 percent below its 52-week high and 107.78 percent above its 52-week low.


Market capitalisation stands at Rs 53,102.83 crore.


For all recommendations report, 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.

Patanjali Foods - 210922 - icici

Broker Research
first published: Sep 21, 2022 01:39 pm
Sections
ISO 27001 - BSI Assurance Mark