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Hold Gulf Oil Lubricants; target of Rs 440: ICICI Direct

ICICI Direct recommended hold rating on Gulf Oil Lubricants with a target price of Rs 440 in its research report dated November 11, 2022.

November 23, 2022 / 02:47 PM IST
 
 
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ICICI Direct's research report on Gulf Oil Lubricants

Gulf Oil Lubricants is one of the leading private companies in the domestic lubricants business. The company reported volume growth at ~10% CAGR in FY17-22 • Total capacity of the company is 140 million litre.

Outlook

We maintain our HOLD rating on the stock. We value Gulf Oil Lubricants at Rs 440/ share i.e. 6.6x FY24E EPS.