HDFC Securities' research report on V-Guard
V-Guard’s revenues grew by healthy 19% (exp. 16%) despite an erratic summer impacting its summer portfolio. Non-South market (44% mix) continued to blossom with 30% growth, while South grew by 12%. EBITDA/PAT grew by 42/48% (exp. 41/45%). V-Guards new product launches, rebranding exercise, distribution expansion (non-South) and favourable base have resulted in consistent double digit growth in the recent quarters.
Outlook
We foresee EPS CAGR of 30% over FY18-21E. We value V-Guard at 35x P/E on Jun-20EPS, with TP of Rs 246 (Rs 240 earlier). We maintain BUY.
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.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!