Accumulate GHCL; target of Rs 272: Kotak Securities

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Kotak Securities' research report on GHCL

GHCL's Q4FY19 numbers were above our estimates on all parameters. Soda Ash segment continued with its strong performance, supported by tight demand supply in the domestic market resulting in outperformance. Strong operating performance, led to 44.3% YoY and 15.7% QoQ jump in PAT to Rs1.19 bn (vs estimates of Rs1.1bn).

Outlook

We maintain our Accumulate rating, with a revised target price of Rs272 (earlier Rs270), as we roll forward our multiple 6x (earlier 6.5x) to FY21E earnings.

For all recommendations report, click here

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