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Last Updated : May 09, 2019 04:57 PM IST | Source: Moneycontrol.com

Hold Essel Propack; target of Rs 136: ICICI Direct

ICICI Direct recommended hold rating on Essel Propack with a target price of Rs 136 in its research report dated May 09, 2019.

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ICICI Direct's research report on Essel Propack


Essel Propack (EPL) reported top line growth of ~10% YoY led by strong revenue growth in the Americas and Europe regions by ~29% and ~16% YoY, respectively. However, Amesa regions (contributes ~34% to top line) revenue growth remained muted at ~2% YoY mainly due to lower volume offtake by its key customers in India. Better plant utilisation (in Americas & Europe) coupled with higher contribution of non-oral care business in the top line (up from 40.4% in Q4FY18 to 42.7% in Q4FY19) helped drive EBITDA margin during Q4FY19. The management has guided for better EBITDA margin (at ~18-19%) owing to better plant utilisation in the overseas business and rising contribution of the non-oral care business.


Outlook


We maintain our target price and HOLD recommendation on the stock.


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 9, 2019 04:57 pm
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