Sharekhan recommended hold rating on PI Industries with a target price of Rs 1500 in its research report dated October 24, 2019.
Sharekhan's research report on PI Industries
We introduce FY2022E estimates and expect revenue and earnings CAGR of 27.6% and 29.8%, respectively, during FY2019-FY2022E (Isagro numbers factored in from Q4FY2020). The management reiterated FY2020 guidance of over 20% revenue growth and a 50-100 bps rise in OPM. Exports (CSM) led strong performance continued in Q2FY2020. Revenue, EBITDA and PAT surged by 26%, 43% and 30% y-o-y, respectively.
We maintain our Hold rating with a revised PT of Rs. 1,500 per share as risk-reward seems unfavourable owing to stretched valuations.
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