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Accumulate Gujarat Florochemical; target of Rs 4045: KR Choksey

KR Choksey recommended accumulate rating on Gujarat Florochemical with a target price of Rs 4045 in its research report dated October 20, 2022.

October 24, 2022 / 08:32 PM IST
 
 
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KR Choksey's research report on Gujarat Florochemical

During the quarter GFL’s revenue came at INR 14,613 Mn (+51.59% YoY / +9.55% QoQ). Higher PTFE volumes supported the topline growth due to availability of additional TFE. On operational front EBITDA stood at INR 5,365 Mn (+81.26% YoY / +16.89% QoQ), with OPM at 36.71% (+601 bps YoY/+231 bps QoQ). Better realisation mix pushed the margins. Net Profit stood at INR 3,570 Mn against INR 2,050 (+74.15%) on YoY basis and (+17.82% QoQ), with NPM at 24.43% (+316 bps YoY/+172 bps QoQ). EPS during the quarter came at INR 32.52 vs 18.66 in the same period last year. The Board has declared an Interim Dividend of Rs. 2 per equity Share.

Outlook

Currently the stock is trading with a P/E multiple of 35.28x/31.66x FY23E/24E to its earnings. We maintain ‘ACCUMULATE’ rating on the stock and apply P/E multiple of 39x to its FY24E earnings, which yields an increased revised target price of INR 4,045 per share.

For all recommendations report, click here

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Gujarat Florochemical - 211022 - kr

Broker Research
first published: Oct 24, 2022 08:32 pm

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