Hold McLeod Russel ; target of Rs 158: ICICI Direct

ICICI Direct's research report on McLeod Russel

McLeod Russel’s sales was flat for the quarter at | 377.9 crore (I-direct estimate | 391.4 crore) On an annual basis, consolidated revenues increased 9.9% to | 2,055.3 crore, driven by a 5.8% increase in both volume & prices to 901 lakh kg and | 173/kg, respectively.

Outlook

We maintain our cautious view on the stock in the absence of any operational improvement. We reiterate our HOLD recommendation on the stock with a target price of | 158.