HDFC Securities' research report on Aarti Industries
We expect AIL's PAT to grow at a 15% CAGR over FY21-23E. AIL's constant focus on R&D will enable the company to remain competitive and expand its customer base. The toluene segment in India is mainly untapped and catered to through imports; AIL will benefit in the long term by entering this segment. 3Q EBITDA/APAT were 15/22% above our estimates, attributable to lower-than-anticipated raw material expenses, a lower-than-expected interest cost, offset by a higher-than-expected tax outgo.
Outlook
We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,400/share.
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