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Last Updated : Nov 03, 2017 04:30 PM IST | Source: Moneycontrol.com

Buy V-Guard Industries; target of Rs 227: Sharekhan

Sharekhan is bullish on V-Guard Industries has recommended buy rating on the stock with a target price of Rs 227 in its research report dated October 26, 2017.

 
 
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Sharekhan's research report on V-Guard Industries


Margin expansion led to healthy earnings growth; topline grew due to restocking effect: Revenue rose 17% YoY during the quarter to Rs 560 crores with partial recovery in revenues lost due to GST disruption during the previous quarter. On a like to like basis after adjusting for GST impact, revenue growth stands at 21% YoY. This growth is despite muted cables & wires segment (6% YoY growth) and the switchgears segment (decline by 28% YoY) in the wake of a slowdown in the real estate sector. Revenue from rest of the product categories like stabilizers, UPS, pumps, water heaters and fans grew in range of 15-20% YoY in Q2FY2018.


Outlook


We continue to assign premium valuation to V-Guard on back of de-leveraged balance sheet, better margin profile, high return ratios and prudent working capital management.  Hence we retain Buy rating on the stock with a revised PT of Rs227.


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.

First Published on Nov 3, 2017 04:30 pm
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