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Last Updated : May 29, 2019 10:02 PM IST | Source: Moneycontrol.com

Buy Siyaram Silk Mills; target of Rs 410: ICICI Direct

ICICI Direct is bullish on Siyaram Silk Mills has recommended buy rating on the stock with a target price of Rs 410 in its research report dated May 23, 2019.

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ICICI Direct's research report on Siyaram Silk Mills


Revenues for Q4FY19 declined marginally by 1.4% YoY to Rs 587.6 crore. The market environment remained challenging with MBO’s facing glitches related to GST transition and tepid consumption demand. EBITDA
margins declined 148 bps YoY to 15.0% on account of increase in marketing spends and negative operating leverage. PAT declined 3% YoY to Rs 46.7 crore (Siyaram had reported an exceptional expense worth Rs 6 crore
in Q4FY18).


Outlook


Hence, we have a BUY recommendation with a revised target price of Rs 410 (13x FY21E EPS).


For all recommendations report, click here


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First Published on May 29, 2019 10:02 pm
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