Hold MM Forgings; target of Rs 330: ICICI Direct

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ICICI Direct's research report on MM Forgings

MM Forgings (MMF) reported weak Q1FY21 results in line with large volume declines both domestically and globally in key user industries i.e. CV & PV during the Covid impacted quarter. Net standalone sales were down 64.4% YoY to Rs 73 crore. Margins fell ~510 bps QoQ to 9.1%, impacted by inventory adjustment. MMF posted loss at PAT level at Rs 5 crore for Q1FY21.

Outlook

We value the company at 17x FY22E EPS of Rs 19.6/share to arrive at a target price of Rs 330. We assign a HOLD rating to the stock.

For all recommendations report, click here

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