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Last Updated : May 14, 2019 01:29 PM IST | Source:

Hold Solar Industries India; target of Rs 1075: ICICI Direct

ICICI Direct recommended hold rating on Solar Industries India with a target price of Rs 1075 in its research report dated May 13, 2019.

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ICICI Direct's research report on Solar Industries India

Solar Industries (SIL) reported steady Q4FY19 numbers. Revenue was at Rs 672.9 crore, up 17.0% YoY led by industrial explosive and defence segment. In Q4FY19, the industrial explosives space recorded robust volume growth of 9.6% YoY while realisation increased 5.4% YoY. Overall, industrial explosives segment for the quarter grew 15.5% YoY. EBITDA came in Rs 142.3 crore, up 20.4% YoY aided by a decline in other expenses. However, margins were slightly impacted by ~140 bps increase in input costs. Accordingly, PAT grew only 8.6% YoY to Rs 71.6 crore.


Overall, SIL is expected to post healthy revenue, EBITDA and PAT CAGR of 14.3%, 16.8% and 14.0%, respectively, in FY19-21E. We value the company at 28x FY21E EPS of Rs 38.4 to arrive at a target price of Rs 1075. We maintain HOLD rating on the company.

For all recommendations report, click here

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First Published on May 14, 2019 01:29 pm
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