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Last Updated : Feb 13, 2019 03:28 PM IST | Source:

Buy PI Industries; target of Rs 1023: Motilal Oswal

Motilal Oswal is bullish on PI Industries has recommended buy rating on the stock with a target price of Rs 1023 in its research report dated February 12, 2019.

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Motilal Oswal's research report on PI Industries

Revenue increased 32% YoY to INR7,075m (our estimate: INR5,943m) in 3QFY19. EBITDA grew 42% YoY to INR1,486m (our estimate: INR1,094m), with the margin expanding 150bp YoY to 21.0% (our estimate: 18.4%). Adj. PAT, thus, increased 33% YoY to INR1,073m (our estimate: INR796m). For 9MFY19, revenue grew 21% YoY to INR20,361m, EBITDA increased 12.3% YoY to INR4,013m (margin contraction of 150bp YoY to 19.7%) and adj. PAT grew 9% YoY to INR2,834m.


We value the stock at 24x FY21E EPS (in-line with its five-year average trading multiple), which is justified as the company has shown strong signs of returning to its robust growth cycle post three muted years. Our TP of INR1,023 implies a 16% upside. Maintain Buy.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

First Published on Feb 13, 2019 03:28 pm
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