Buy Skipper; target of Rs 67: East India Securities

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26 Aug, 2025 12:21

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East India Securities' research report on Skipper

Skipper Ltd 4QFY20 revenue grew by 1.3% YoY to Rs4.38bn, led by a strong rebound in its T&D business. This is despite some business loss due to COVID-19 and lockdown. Reported EBITDA saw a decline of 50.6% YoY to Rs 272mn, with 625bps YoY margin contraction to 6.2%. This was largely owing to notional forex losses of Rs195mn. Adjusted for forex loss, EBITDA margin stood at 10.6% and EBITDA declined by 11% to Rs466mn. Notional forex loss led to PBT loss of Rs20mn. However, Consolidated PAT grew by 58.5% YoY to Rs 281mn as tax related write backs offset the impact of forex loss. Re-measurement of deferred tax liabilities led to tax benefit of Rs 203mn.

Outlook

We have Buy rating on the stock valuing it at 10x FY22E EPS of Rs 6.7 to arrive at a target price of Rs. 67/- per share, which offer an upside of about 42% from the current levels.

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