Buy Supreme Industries; target of Rs 2730: Anand Rathi

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Anand Rathi's research report on Supreme Industries

Driven by volume growth, Supreme’s Q2 revenue grew 8.2% y/y to Rs21bn (in line with ARe) even as blended realisations continued soft. Inventory losses led by a steep fall in raw material prices curbed profitability. The gross, EBITDA and PAT margins shrank respectively 830bps, 906bps and 793bps y/y to 23.2%, 7.1% and 3.9% (below ARe).

Outlook

We retain our Buy rating, and raise our target price to Rs.2,730 (from Rs.2,467) based on 27.5x (unchanged) FY25e earnings.

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Supreme Industries - 03-11-2022 - anand