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Last Updated : May 23, 2019 11:12 PM IST | Source: Moneycontrol.com

Buy Subros; target of Rs 323: Dolat Capital

Dolat Capital is bullish on Subros has recommended Buy rating on the stock with a target price of Rs 323 in its research report dated May 22, 2019.

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Dolat Capital's research report on Subros


Subros posted muted results in 4QFY19, as it was affected by the slowdown in the PV segment. Revenue/EBITDA declined 6/14% YoY, respectively. EBITDA margin was 10.6% (-92/-52bps YoY/QoQ), due to a weaker product mix and a negative operating leverage. The management has guided for a 5-7% growth in the PV AC business and an overall growth of 10-11% in FY20. The net debt reduced to ` 1.5bn in FY19, from ` 3.6bn in FY18, which will aid profitability in FY20/21. We recommend Buy, with a TP ` 323 (based on 21x E EPS).


Outlook


The net debt reduced to ` 1.5bn in FY19, from ` 3.6bn in FY18, which will aid profitability in FY20/21. We recommend Buy, with a TP ` 323 (based on 21x E EPS).


For all recommendations report, click here


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




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First Published on May 23, 2019 11:12 pm
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