Buy Amber Enterprises: target of Rs 3716: Sharekhan

Sharekhan is bullish on Amber Enterprises has recommended buy rating on the stock with a target price of Rs 3716 in its research report dated February 23, 2021.

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Sharekhan’s research report on Amber Enterprises

The company remains one of the key beneficiaries of import ban on ACs with refrigerants and the likely expansion of PLI schemes for ACs and components. Capacity expansion through a greenfield project with projected capacity of 1 million units (likely to be operational by Q4FY22) should improve business. Component exports would begin in FY2022, while those of RACs from CY2022. It is set to build 18-20 commercial refrigeration products over 2-3 years. Order backlog is strong across products.

Outlook

We retain a Buy on Amber Enterprises (Amber) with a revised PT of Rs. 3,716, given multiple growth drivers that brighten net earnings growth outlook over FY2021E-FY2023E.

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