Q4FY17 Result Highlights:
- Net Sales grew by 12.5% YoY to Rs900mn.
- EBITDA margins expanded by 149bp YoY to 70.2%.
- PAT grew by 21.6% YoY to Rs246mn.
Valuations & Recommendations:
At CMP of Rs 305, Talwalkars is currently trading at a PE of 9.7x FY19E and EV/EBITDA of 5.0x FY19E. Given the Company's a) strong growth prospects given its leadership position in highly under penetrated and growing market b) 19% PAT CAGR over FY17-19E and c) average ROE of 15% through FY17-19E, we value the company at 12xFY19E EPS with a target price of Rs 378. We reiterate a BUY rating on the stock.
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