Sharekhan recommended hold rating on Arvind with a target price of Rs 66 in its research report dated August 06, 2019.
Sharekhan's research report on Arvind
Arvind Limited’s (Arvind) revenue grew by ~5% y-o-y to Rs. 1,897 crore; Textile business grew by 4%, while advanced material business revenue grew by 31%. OPM declined by 298 BPS to 8.1% due to sub-scale operations in new garment plants. H1FY2020 margins will be lower on a y-o-y basis; however, they are expected to improve in H2FY2020 as new operation facilities will run with optimal utilisation.
Reduced our earnings estimates to factor in subdued performance; Maintain Hold with a revised PT of Rs. 66.
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