Axis Securities is bullish on PPAP Automotive has recommended buy rating on the stock with a target price of Rs 653 in its research report dated August 16, 2018.
Axis Securities' research report on PPAP Automotive
Automotive Ltd. revising the Target Price to Rs 653 on the stock, thus valuing it at 15.8x its FY20E EPS. PPAP Automotive (PPAP) in Q1FY19 posted consolidated revenues of Rs. 99.7 cr. (up 21% YoY, -22% QoQ) with its core Part Sales driving a 26% YoY growth. Despite drop in gross margins (on account of surge in raw material costs) the company maintained its 20% EBITDA margin mark in Q1FY19, 80 bps YoY expansion. Net Profit during the quarter came in at Rs. 8.8 cr (up 49%/-37% YoY/QoQ respectively).
AXIS Securities has retained their 'BUY' recommendation on PPAP with Target Price of Rs. 653.
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