Motilal Oswal's research report on EPL
EPLL reported a muted operating performance (EBITDA margins expanded marginally by 10bp YoY), on account of a drag in margins from EAP and Europe which was offset by AMESA and America, while revenue improved 7%, on the back of a broad-based growth across all regions, except EAP. Factoring in muted 3QFY23 earnings, we lower our earnings estimates for FY23/FY24/FY25 by 1%/8%/5%, respectively.
Outlook
We value the stock at 19x Dec’24 EPS to arrive at our TP of INR210. We reiterate our Buy rating on the stock.
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