Motilal Oswal's research report on EPL
EPLL’s operating performance continued to improve with EBITDA margin expanding 80bp YoY in 4QFY23. This was driven by price hikes, better product mix and softening of raw material prices. However, it missed our estimate primarily due to lower margins in the Americas led by a one-time cost related to setting up of the Brazil plant.
Outlook
We maintain our earnings estimates for FY24/FY25 and value the stock at 20x FY25E EPS to arrive at our TP of INR225. We reiterate our BUY rating.
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