Buy Greenply Industries, target price Rs 250: ICICI Securities

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Buy Greenply Industries, target price Rs 250:  ICICI Securities


ICICI Securities has buy call on with a target price of Rs 250. The current market price of Greenply Industries Ltd. is Rs 149.

Greenply Industries Ltd., incorporated in the year 1990, is a Small Cap company (having a market cap of Rs 1781.16 Crore) operating in Building Materials sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated sales of Rs 340.40 Crore, up 15.18 % from last quarter Sales of Rs 295.53 Crore and down 1.61 % from last year same quarter Sales of Rs 345.98 Crore Company reported net profit after tax of Rs 25.07 Crore in latest quarter.


Investment Rationale
At 11x FY23E earnings, the brokerage believes rerating is inevitable considering robust growth and margin outlook amid expected sharp improvement in RoCEs (30%+) by FY23E.



Promoter/FII Holdings
Promoters held 52 per cent stake in the company as of Dec 30, 2020, while FIIs held 1.7 per cent, DIIs 26.1 per cent and public and others 20 per cent.





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