Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 1495.30 Crore, up 25.74 % from last quarter Total Income of Rs 1189.24 Crore and up 24.80 % from last year same quarter Total Income of Rs 1198.12 Crore. Company reported net profit after tax of Rs 43.97 Crore in latest quarter.
Investment Rationale
The brokerage broadly maintains FY22-23E EBITDA, but raises FY22-23E PAT by ~25% owing to lower debt and raise target price to Rs150/sh (earlier: Rs120) based on unchanged 7x FY23EV/E. High ‘net debt to EBITDA’ ratio at >3x with higher exposure to volatile prices in South market remains key concern.
Promoter/FII Holdings
Promoters held 28.4 per cent stake in the company as of March 31, 2021, while FIIs held 13.1 per cent, DIIs 9 per cent and public and others 49.5 per cent.
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