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Buy Welspun India: target of Rs 170: Sharekhan

Buy Welspun India: target of Rs 170: Sharekhan
July 29
17:24 2021

Sharekhan is bullish on Welspun India has recommended buy rating on the stock with a target price of Rs 170 in its research report dated July 28, 2021.

Broker Research

July 29, 2021 / 05:02 PM IST

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Sharekhan’s research report on Welspun India

Welspun India Limited (WIL) registered strong all-round performance on the back of strong international demand and low base of Q1FY2021. Revenue and operating profit grew by 84%/100% y-o-y, respectively, in Q1FY2022; PAT grew by 4.1x. Home textile business revenue grew by 51% y-o-y, driven by sturdy volume growth of 51%, 114%, and 219% in bath linen, bed linen, and rugs and carpet segments, respectively. Management targets strong double-digit revenue growth in FY2022, driven by sustained good demand for home textile products in the US market and scale up in the advance textile, flooring, and branded business. OPM is likely to stand at 20-21% (RoSCTL benefit of 4% on OPM).

Outlook

We have revised upwards our earnings estimates for FY2022/FY2023 by 5.6%/8.9%, respectively. The stock is trading at 14.0x its FY2023E EPS. We maintain Buy with a revised PT of Rs. 170.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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