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    Emkay Global maintains buy on Somany Ceramics, revises target price to Rs 217

    Synopsis

    Buy Somany Ceramics Ltd. at a price target of Rs 217.0 .

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    Emkay Global has maintained buy rating on Somany Ceramics in the long term with a revised target price of Rs 217. Shares of Somany Ceramics ended up 0.7% at Rs 184.75 on Monday while BSE sensex closed 21.47 points up to 40,345.08.

    Company Financials

    For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 419.14 crore, up 6.72% from last quarter sales of Rs 392.73cCrore and up 6.81% from last year same quarter sales of Rs 392.42 crore. The company has reported net profit after tax of Rs 8.84 crore in the latest quarter.

    Investment Rationale


    Management does not expect much recovery in sales volumes as demand remains affected in Private and Builders segments, said Emkay. The company has incurred Rs 26.18 crore in exceptional loss after a broker defaulted on payments, said Emkay. The brokerage has reduced FY20/21 EPS by 17.5%/25.6% considering lower sales volumes, higher depreciation costs, and lower other income.
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    The Economic Times