Buy Filatex India; target of Rs 52: KR Choksey

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KR Choksey's research report on Filatex India

Filatex India Limited (FIL) reported revenue of INR 10,704mn, a degrowth of -0.4% YoY/-8.0% QoQ in Q3FY23. EBITDA de-grew by 72.1% YoY/4.1%QoQ to INR 444mn. EBIDTA margin contracted by 1067 bps YoY and improved by 17 bps QoQ at 4.2%. Net Profit de-grew by 97.2% YoY/ 89.1 % QoQ to INR 159mn. Production volume for the quarter stood at 99,969 MT, compared to 86,336 MT, while sales volume for the quarter was 1,00,468 MT as against 90,358 MT in Q3FY22.

Outlook

We continue with “BUY” rating on the stock with revised target price of INR 52 (Previous Target: 84) assigning a P/E multiple of 7.2x on FY24E EPS of INR 13.69.

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Filatex India - 17 -02 - 2023 - kr