KEY RESULT HIGHLIGHTS
TaIwaIkar has reported its Q3FYI 7 results which were in line with our estimates. We reiterate BUY recommendation on the stock.
Q3FYI7 RESULT HIGHLIGHTS
- Net Sales grew by I I.3% YoY to Rs 531mn.
- EBITDA margins expanded by 19bp YoY to 49.9%.
- PAT grew by 14% YoY to Rs 62mn.
VALUATIONS AND RECOMMENDATIONS
At CMP of Rs 222, TalwaIkars is currently trading at a PE of 7.9x FYi SE and EV/EBITDA of 3.8x FY1 8E. Given the Company's a) strong growth prospects given its leadership position in highly under penetrated and growing market b) 23% PAT CAGR over FY16-78E and c) average ROE of 15% through FY16-18E, we value the company at 12xFYl8E EPS with a target price of Rs 337. We reiterate a BUY rating on the stock.
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