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Citigroup Global Markets maintains buy on SRF, revises target price to Rs 3,561

Buy SRF Ltd. at a price target of Rs 3561.0 .

ETMarkets.com|
Updated: Nov 07, 2019, 08.00 AM IST
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Citigroup Global Markets has maintained buy rating on SRF in the long term and revised target price to Rs 3561 from Rs 3652 due to rolling forward of estimates to March 2021 from December 2020 while BSE sensex closed 221.55 points up at 40,469.78.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 1702.17 crore, down -5.30% from last quarter sales of Rs 1797.35 crore and down -9.53 % from last year same quarter sales of Rs 1881.57 crore. The company has reported net profit after tax of Rs 301.13 crore in the latest quarter.

Investment Rationale
The brokerage has maintained buy rating due to SRF's unique skills in fluorine industry, history of innovaion and operational management track record which should provide a long growth runway. The stock ended up 3.7% at Rs 3065.70 on Wednesday.

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