Buy Visaka Industries; target of Rs 572: Anand Rathi

Anand Rathi's research report on Visaka Industries

Its BP division’s continued strong performance and the improving yarn division’s performance aided Visaka’s revenue/EBITDA/PAT grow 16%/ 95%/275% y/y. The company announced V-panel capacity expansion along with the ongoing V-board expansion to cater to rising demand.

Outlook

Despite the capex, with the better performance and working-capital management, the B/S is likely to strengthen further. We upgrade our rating to Buy, with a TP of Rs.572 (earlier Rs.356).