Angel Broking maintains a buy rating on Siyaram Silk Mills (SSML) with a target of Rs851. SSML has strong brands which cater to premium as well as popular mass segments of the market.
Further, SSML entered the ladies' salwar kameez and ethnic wear segment. Going forward, we believe that the company would be able to leverage its brand equity and continue to post strong performance
Going forward, the domestic brokerage firm expect SSML to report a net sales CAGR of 12 percent to 1,981 crore and adj.net profit CAGR of 16 percent to Rs123 crore over FY2017-19E on back of market leadership in blended fabrics, strong brand building, wide distribution channel, strong presence in tier II and tier III cities and emphasis on latest designs and affordable pricing points.
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