Hem Securities IPO report on Exxaro Tiles
Company is engaged in manufacturing & marketing of vitrified tiles. Domestically, company have PAN India presence in 24 states/ union territories based on sales made during Fiscal 2021and internationally it supply products in over 12 countries including Poland, UAE, Italy, Bosnia etc. For the Fiscals 2021, 2020 and 2019, company’s revenue from exports contributed 13.88%, 13.51% and 6.68%, respectively of its revenue from operations.
Valuation and Outlook
Company is bringing the issue at price band of Rs 118-120 per share at p/e multiple of 35 on post issue FY21 eps. Company’s widespread dealer network of over 2000 registered dealers, wide product portfolio consists of 1000+ designs & healthy margins are playing positive factors for company. Hence we recommend “Subscribe” on issue .
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