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

Outperform SRF Ltd. at a price target of Rs 3347.0 .|
Updated: Sep 16, 2019, 09.09 AM IST
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.

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