Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Recos

11,661.8575.5
Stock Analysis, IPO, Mutual Funds, Bonds & More

IDFC Securities rates SRF outperformer, target price Rs 3,347

Outperform SRF Ltd. at a price target of Rs 3347.0 .

ETMarkets.com|
Updated: Sep 16, 2019, 09.09 AM IST
0Comments
Buy-sale2
IDFC Securities has initiated coverage on SRF with outperformer rating in the long term, setting a target price of Rs 3,347. The stock rallied 2.35% to Rs 2,773.65 on Friday while BSE Sensex was up 280.70 points to 37,384.99.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 1797.35 crore, down -11.67 % from last quarter sales of Rs 2034.81 crore and up 8.73% from last year same quarter sales of Rs 1652.97 crore. The company has reported net profit after tax of Rs 189.22 crore in the latest quarter.

Investment Rationale

Strong R&D capabilities and process efficiencies make SRF a dominant player in India’s chemical industry, said the brokerage. Increased outsourcing trend by global innovators will help SRF drive 35% compound annual growth rate (CAGR) in revenue over FY 2019-2021 in specialty chemicals and the refrigerants business will see 15% CAGR revenue, added the brokerage. Overall capex could remain elevated at ?1,200 crore in FY20.

Also Read

Dharmesh Mehta to acquire IDFC Securities

Coffee Day Enterprises ropes in IDFC Securities to identify strategic options

SBI Capital, SHCI enter race for IDFC Securities

InCred Fin, Carnelian Capital among 5 in race for IDFC securities

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Disclaimer: This recommendation is analyst's own and does not represent those of economictimes.com & ETMarkets.com. Please consult your financial advisor before taking any position in the stock/s mentioned.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service