Author - Sharvari Joshi

08 Feb

Recovery in consumption has been faster than expectations – HPCL

Update on the Indian Equity Market:

On Monday, NIFTY closed in the green at 15,115 (+1.3%). Top gainers in NIFTY50 were M&M (+7.3%), Tata Motors (+6.4%), and Hindalco (+6.1%). The top losers were Britannia (-1.8%), HUL (-1.6%), and Kotak bank (-1.4%). Top sectoral gainers were METAL (+3.2%), AUTO (+3.1%), and IT (+2.3%) and sectoral losers were PSU BANKS (-1.0%) and FMCG (-0.5%).

Excerpts of an interview with Mr MK Surana, CMD – HPCL with CNBC -TV18 dated 5th February 2021:

  • The overall recovery in consumption has been faster than expectations. The subsidy receivables from the government are reducing.
  • HPCL’s 3QFY21 came in weaker than consensus estimates due to a miss on refining margins but marketing margins came in line with expectations.
  • The Singapore margins which were in the negative territory have started coming in the positive one. The diesel and motor spirit (MS) cracks which were at $2-3 per barrel have started looking up. The recovery is better and quicker than many people were expecting.
  • The cracks have been on the lower side for some time now. The petrol and diesel cracks have been in the range of $ 2-3 per barrel which is normally not the situation. These are improving now, with diesel cracks ranging up to ~ $ 4-5 per barrel and for petrol as well. Despite this, the refining cracks remain low which hits the refinery margin to some extent.
  • He believes that it is too early to talk about the monetization of pipelines.
  • HPCL does not have a gas pipeline, HPCL has a petroleum product pipeline. They will see how they can create better value than what they had already been able to create and they will review the options.

Consensus Estimate: (Source: market screener and investing.com websites)

  • The closing price of HPCL was ₹ 230/- as of 8-February-2021.  It traded at 4x/ 6x/ 5x the consensus earnings estimate of ₹ 55.1/ 41.3/46.8 for FY21E/22E/23E respectively.
  • The consensus price target is ₹ 289/- which trades at 6x the earnings estimate for FY23E of ₹ 46.8/-

Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

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02 Feb

Expect export market to bounce back in Q4 -Tata Chemicals

Update on the Indian Equity Market:

On Tuesday, NIFTY closed at 14,648 (+2.5%). Top gainers in NIFTY50 were Tata Motors (+16.9%), Shree Cement (+7.2%) and UltraTech Cement (+6.9%). The top losers were HDFC Life (-2.5%), Bajaj Finserv (-2.2%), and Hero Motocorp (-1.5%). The top sectoral gainers were AUTO (+4.1%), REALTY (+3.8%), and BANK (+3.5%) and there were no sectoral losers.

Excerpts of an interview with Mr. R Mukundan, MD & CEO – Tata Chemicals with CNBC -TV18 dated 29th January 2021:

  • Tata Chemicals is expecting the export market to bounce back in the 4QFY21 quarter.
  • They are expecting exports from the US to be better than last year’s levels in Q4. Demand in South-East Asia should also normalise by H1-H2 FY22.
  • The market in which the Magadi division faced a bit of pressure is South-East Asia. There the tourism industry is hit very hard. The demand for container glass which goes into beverages and drinks had been impacted severely.
  • They believe by H1-H2 of FY22 that demand would come back. But what Magadi has done is to get a lot of cost orders in the system. So they have posted a solid margin this quarter and will continue to maintain a good set of numbers.
  • He thinks that revenues of Rs 170 bn in the next 4-5 years are doable. Rs 170 bn is board-approved plan and that guidance still remains. They are not way off from that.
  • By the end of FY21, some of the projects will come on-stream, and by 2022-23 almost 50 percent of the capital would be deployed, and it will be on-stream.
  • They anticipate an incremental revenue of about Rs 14 bn and an incremental contribution or EBIT margin of close to about Rs 6 bn as a result of investments of Rs 2,600 crore.

Consensus Estimate: (Source: market screener and investing.com websites)

  • The closing price of TATACHEM was ₹ 521/- as of 2-February-2021.  It traded at 32x/ 15x/ 13x the consensus earnings estimate of ₹ 16.5/ 34.5/ 39.7 for FY21E/22E/23E respectively.
  • The consensus price target is ₹ 448/- which trades at 11x the earnings estimate for FY23E of ₹ 39.7/-

Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

 

 

 

 

 

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21 Jan

Expect growth to be sustainable for specialty business – Alembic Pharmaceuticals

Update on the Indian Equity Market:

On Thursday, NIFTY closed in red at 14,590 (-0.4%). Top gainers in NIFTY50 were Tata motors (+6.4%), Bajaj Finance (+2.7%), and Reliance (+2.6%). The top losers were ONGC (-3.3%), Tata Steel (-2.9%), and Coal India (-2.6%). The top sectoral losers were PSU BANK (-3.3%), REALTY (-2.6%), and METAL (-2.2%) and there were no sectoral gainers.

Excerpts of an interview with Mr. Shaunak Amin, MD – Alembic Pharma (APLLTD) with CNBC TV18 dated 20thh January 2021:

  • In the trailing quarters, they had almost 10 quarters of fantastic growth in the US business, so the base had been built up quite high. This quarter was a bit of a competitive intensity which led to a slowdown.
  • US sales have slowed down in this quarter.
  • On the Indian side of the business, they haven’t launched any of the COVID-specific products. Whatever growth they did see in Q3 was on the back of a better performance largely by speciality business.
  • The acute portfolio for them was very sluggish not just for them but for the whole market.
  • The company expects growth to be sustainable for speciality businesses.
  • It is the speciality business they expected to be sustainable going forward, acute side of the business the market for that still hasn’t recovered back to normal levels in terms of growth.
  • As long as the market continues to underperform on the acute side of things, it is hard to show large growth numbers.
  • They haven’t pursued any specific cost-cutting activities with respect to COVID. In terms of their operational expenses, they try to maintain their OPEX at the same level pre-COVID, during COVID at the current level now.

Consensus Estimate: (Source: market screener and investing.com websites)

  • The closing price of APLLTD was ₹ 942/- as of 21-January-2021.  It traded at 16x /18x/17x the consensus earnings estimate of ₹ 59.3/ 51.2/ 56.2 for FY21E/FY22E/23E respectively.
  • The Consensus price target of APLLTD of ₹ 1,121/- implies a PE multiple of 20x on FY23E EPS estimate of ₹56.2/-.

Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

 

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15 Jan

Might see 4-5% increase in home prices due to steel price hike: Brigade Enterprises

Update on the Indian Equity Market:
On Friday, NIFTY closed in red at 14,433 (-1.1%). Top gainers in NIFTY50 were Tata motors (+6.6%), Bharti Airtel (+3.9%), and UPL (+2.6%). The top losers were Tech M (-3.9%), HCLT (-3.7%), and Wipro (-3.6%). The top sectoral losers were IT (-2.2%), PSU BANK (-2.1%), and REALTY (-1.8%) and there were no sectoral gainers.

Excerpts of an interview with Mr M. R. Jaishankar, CMD – Brigade Enterprises with CNBC TV18 dated 14th January 2021:
• They have fully recovered. In fact, they have exceeded whatever sales they did in Q3 FY20 and in Q2FY21.
• The sales, in general, have been robust. On an overall basis, across India, there is about a 25 per cent drop in sales as compared to the previous financial year. The recovery is quite fast and the worst is over for real estate.
• He expects a 4-5 per cent increase in home prices due to steel price hikes.
• There are a few dampeners like 50 percent jump in steel price and few metal prices which are required in real estate – aluminum, copper, and the petroleum prices which has an impact on PVC products. All this has some dampener effect on the cost.
• The demand for rentals is down 40 per cent compared to last year, but enquiries have gone up substantially in the past 4-6 weeks.
• Looking at the last 9 months, the demand has certainly come down by maybe about 40 percent as compared to the previous calendar year which is what rentals are generally being assessed on calendar year basis by international property consultants.
• Now with US elections behind and with the finance minister promising a fantastic budget – also enquiries have gone up substantially in the last 4-6 weeks and with the IT sector continuing to do very well, the outlook for 2021 and 2022 should be bright.

Consensus Estimate: (Source: market screener and investing.com websites)
• The closing price of BRIGADE was ₹ 264/- as of 15th January 2021. It traded at NM/ 30x/ 23x the consensus earnings estimate of ₹ -0.7/ 8.9/ 11.7 for FY21E/FY22E/23E respectively.
• The Consensus price target of BRIGADE was ₹ 250/- as of 15th January 2021 which is 22x of FY23E EPS estimate of ₹11.7.

Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

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06 Jan

Passing on the rising input prices to customers – Ashok Leyland

Update on the Indian Equity Market:
On Wednesday, NIFTY closed at 14,146 (-0.4%). Top gainers in NIFTY50 were Powergrid (+4.4%), Hindalco (+3.7%), and GAIL (+3.6%). The top losers were ITC (-3.0%), Reliance (-2.6%), and Axis bank (-1.9%). The top sectoral gainers were METAL (+1.3%), REALTY (+0.7%), and MEDIA (+0.2%) and the sectoral losers were IT (-1.4%), FMCG (-1.1%), and AUTO (-0.4%).

Excerpts of an interview with Mr. Anuj Kathuria, COO – Ashok Leyland with CNBC TV18 dated 5th January 2021:
• The industry remains under pressure owing to the rising input prices which have forced companies to pass them on to customers.
• The pressure that the industry is getting is from the input material. So everybody would like to pass it on to the customers, and Ashok Leyland is also doing the same.
• Month after month they are seeing the subsequent month is giving a better result. So December was no different, in fact, in December their sales have gone up, the total industry volume (TIV) has gone up.
• They saw the demand continued to come from the intermediate commercial vehicle (ICVs) and the tippers. They definitely feel that quarter 3 for them was a good quarter.
• For tippers, the demand is coming from the infra projects that are getting mobilized. A lot of road construction activity has started and that is not something which is pent-up demand, this is going to be led by the further projects getting mobilized, and that will continue in my view to be very robust even in Q4.
• The long haul segment will definitely be better, but to what extent that they will have to wait and watch
• FY22, as compared to FY21, will definitely be a growth year, but again, they are talking about a lower base in FY21. In FY22, the overall demand should be much better than what they have seen in FY21.

Consensus Estimate: (Source: market screener and investing.com websites)
• The closing price of ASHOKLEY was ₹ 105/- as of 6th January 2021. It traded at -121x/ 41x/ 21x the consensus earnings estimate of ₹ -0.9/ 2.6/ 4.9 for FY21E/FY22E/23E respectively.
• The Consensus price target of AHOKLEY was ₹ 92/- as of 6th January 2021. It trades at 19x of FY23E EPS estimate of ₹4.9.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

By Ashok Leyland, Auto 0 Comments Read more...
31 Dec

Increasing commodity prices a concern – Havells India

Update on the Indian Equity Market:
On Wednesday, NIFTY closed at 13,981 (-0.3%). The top gainers in NIFTY50 were Ultratech Cement (+4.4%), Grasim (+3.0%), and Shree Cement (+3.0%). The top losers were IndusInd Bank (-1.5%), Sun Pharma (-1.1%), and Axis Bank (-1.0%). The top sectoral gainers were AUTO (+1.3%), METAL (+1.3%), and REALTY (+1.3%) and the sectoral losers were PSU BANK (-0.2%), PAHRMA (-0.1%), and PVT BANK (-0.1%).

Excerpts of an interview with Mr. Anil Rai Gupta, CMD – Havells India with CNBC TV18 dated 29th December 2020:
• Havells has recovered from the lows and is up almost 80 per cent from the March lows. The demand is holding up from B and C grade towns. There is also a shift from unorganized to organized players.
• There is an improvement in the residential sector and there is some revival in the industrial and infra portfolio. He expects the rising commodity prices to be a dampener.
• Commodity price increase has to be passed on because the increase has been sharp. But it does dampen two things. One, there will be pressure on margins and secondly, if this sustains, people will have the option to postpone their purchases even in the construction sector.
• So there will be a little bit of stress if this continues.
• He believes that the government move to boost manufacturing is a step in the right direction. The government has realized that the next big source of job creation will be manufacturing and the government is taking the right steps.
• They have chosen many industries for a production-linked incentive (PLI) and they are looking at increasing investments in both lighting and air conditioning with the new PLI.
• They have invested constantly, at least Rs 300-500 crore in CAPEX every year. Going forward they anticipate a similar CAPEX would continue; maybe a bit more so – maintenance CAPEX and the other divisions and high CAPEX in the air conditioning and the lightings space.
• But they definitely see that going forward they will be looking at continued CAPEX even in the coming times.
• They have seen a gain in market share post lockdown.

Consensus Estimate: (Source: market screener and investing.com websites)
The closing price of HAVELLS was ₹ 902/- as of 30-December 2020. It traded at 68x/ 59x/ 50x the consensus earnings estimate of ₹ 13.2/ 15.4/ 18.2 for FY21E/FY22E/23E respectively.
The Consensus price target of HAVELLS was ₹ 743/- as of 30-December-2020. It trades at 41x of FY23E EPS estimate of ₹18.2/-.
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

By Consumer durable, Havells 0 Comments Read more...
21 Dec

Demand continues to be positive from rural areas : Kajaria Ceramics

Update on the Indian Equity Market:
On Friday, NIFTY closed at 13,760 (-0.14%). Top gainers in NIFTY50 were Dr Reddy (+3.3%), Bajaj Auto (+2.5%), and Infy (+2.3%). The top losers were IndusInd BANK (-3.1%), HDFC Bank (-2.3%), and ONGC (-1.9%). The top sectoral gainers were IT (+1.6%), PHARMA (+1.3%), and FMCG (+0.3%) and the sectoral losers were PVT BANK (-0.7%), PSU BANK (-0.7%), and REALTY (-0.6%).

Excerpts of an interview with Mr. Ashok kajaria, CMD – Kajaria Ceramics and Sandip Somany, VC and MD of HSIL with CNBC TV18 dated 18th December 2020:
• The home improvement sector has seen a huge demand amid the COVID-19 lockdown and the work from home, including in the rural areas. The demand from non-metros and smaller towns is robust
• The residential market is very strong especially from tier-2, tier-3, and tier-4 towns. The demand is very strong after the lockdown.
• In the earlier months we thought it is pent up demand, but looking at the last five months, the demand continues to be positive.
• The branded players are doing much better post lockdown and exports too have gone up.
• After the lockdown, things are much better for branded players. They are doing very well in the domestic market. The exports have also gone up from the country in the last three months.
• September, October, and November, the exports have gone up by almost 40 percent than what it was last year.
• Mr Sandeep said that there has been significant growth in demand particularly in the kitchen space and they expect to see 15 percent growth by end of the year in that space.
• They see a very sharp increase in home improvement products. The kitchen space particularly has seen significant growth in demand because for the past 20-40 years nobody has spent so much time in their homes and people are enjoying cooking and rediscovering cooking.
• So, the kitchen space has become very exciting. They are the second-largest producer there in the country and they have seen a significant reemergence in the demand there. At the end of the year, we will be close to 15-20 percent positive.

Consensus Estimate: (Source: market screener and investing.com websites)
• The closing price of KAJARIACER was ₹ 700/- as of 18th December 2020. It traded at 49x/ 37x/ 31x the consensus earnings estimate of ₹ 14.4/ 19.1/ 22.7 for FY21E/FY22E/23E respectively.
• The closing price of HSIL was ₹ 105/- as of 18th December 2020. Consensus estimates for HSIL are not available.
• The consensus price target of KAJARIACER Ltd is ₹ 601/- which trades at 26x the earnings estimate for FY23E of ₹ 22.7/-
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

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11 Dec

Expect 15% AUM growth going ahead – Muthoot Finance

Update on the Indian Equity Market:
On Wednesday, NIFTY closed in red at 13,478 (-0.38%). Top gainers in NIFTY50 were Nestle (+4.1%), ITC (+3.8%), and Britannia (+3.1%). The top losers were UPL (-11.3%), Ultra Cement (-3.3%), and Shree Cement (-2.8%). The top sectoral gainers were FMCG (+2.8%), REALTY (+0.4%), and METAL (+0.2%) and the sectoral losers were MEDIA (-1.6%), PSU BANK (-1.5%), and AUTO (-0.9%).

Excerpts of an interview with Mr. George Alexander Muthoot, MD – Muthoot Finance with CNBC TV18 dated 9th December 2020:
• 3QFY21 has seen a reasonable pick up in the gold loan financing business and the demand for gold loans among MSME and small shop owners have been recovering, according to Muthoot Finance.
• Gold loans would do well in the coming days as the demand in most places has risen reasonably.
• In Q3FY21, they are seeing a reasonably good pick up in gold loan demand. Everywhere things are starting to open up, so probably business should come back to what it was pre-COVID.
• As far as gold loan is concerned, they see good pick up in the demand and they see gold loan companies doing well in the coming days.
• He expects to see a minimum of 15 percent assets under management (AUM) growth on a
• Year-on-year (YoY) basis in the next four-five years.
• Gold prices are expected to stabilize near Rs 50,000 per 10 grams level going forward.
• Banks get bigger loans while NBFCs get smaller ticket-sized loans.
• Muthoot Finance plans to open around 100-150 branches in the next 12 months.

Consensus Estimate: (Source: market screener and investing.com websites)
• The closing price of MUTHOOTFIN was ₹ 1,183/- as of 10th December 2020. It traded at 3.6x/ 2.6x/ 2.2x the consensus Book value estimate of ₹ 364/ 451/ 540 for FY21E/FY22E/23E respectively.
• The consensus price target of MUTHOOTFIN is ₹ 1,300/- which trades at 2.4x the book value estimate for FY23E of ₹ 540/-
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

By Muthoot Finance, NBFC 0 Comments Read more...
03 Dec

Royal Enfield is many steps ahead of the competition – Eicher Motors

Update on the Indian Equity Market:
On Wednesday, NIFTY closed at 13,114 (-0.04%). Top gainers in NIFTY50 were GAIL (+4.9%), ONGC (+3.8%), and ASIAN PAINTS (+3.7%). The top losers were KOTAK BANK (-3.3%), HDFC Bank (-1.9%), and HDFC (-1.4%). The top sectoral gainers were REALTY (+2.9%), METAL (+2.6%), and AUTO (+1.2%) and the sectoral losers were BANK (-1.2%), PVT BANK (-1.2%), and FIN SERVICES (-1.1%).

Excerpts of an interview with Mr. Siddharth Lal, MD – Eicher Motors with ET Now dated 1st December 2020:
• With a 90-95% market share in the 250cc-plus motorcycle segment, Eicher Motors-owned Royal Enfield is readying itself with a mid-term plan called RE 2.0, which is focused on expanding product portfolio, geographical reach, and non-motorcycle revenue.
• Despite its vast cash reserves, the company is not eagerly looking at acquisitions, including the likes of the Italian brand Ducati.
• It has taken them time to get production up. There is a demand for more bikes from the dealers, and international customers.
• Currently, they have a bare minimum inventory everywhere. So, retail has been very strong, the inventories are depleted entirely, and production has caught up. The supply and timing was an issue for them. But even the supply is back in order.
• In the long term, they always have had a bullish view on the mid-size segment just because people want to upgrade and there’s a premiumization trend.
• They have all the technology and have built the capability. Their commercial abilities in terms of sales, marketing, distribution, and service are very strong.
• People should not discover Royal Enfield because they put an ad listing the price of their motorcycles. They should discover them because they’ve got rides and events, they’ve seen a friend or a colleague ride a Royal Enfield, or someone’s talked about it.
• They want to be able to reach each customer differently and everything has to be premium. It’s much curated, it’s very thought through, it’s very nicely done. So, once customers get that premium experience, they don’t want to go back into a shabby experience.
• They will do an acquisition where they think they can only incrementally improve it.
• They have so much opportunity in Royal Enfield itself, so they’d just conserve energy for that. If an opportunity to do something like they have been doing with Royal Enfield over the last 10 years, then it’s something worth putting in their time and effort.
• They have a very strong filter about how they would like to monetize their brand. It has to serve its huge audience of customers and give them a better motorcycling experience.
• They’re not positioned as a cheap brand anywhere in the world. They don’t sell on price. They are an alternative brand. They offer an alternative world view to their customers. Certainly, it’s good value, it’s at a good price.
• The way they’re working on EVs is that they are not going to be the first to the market. But rather they’d study the market, understand the technology – there’s a full team at Royal Enfield who does EVs now.
• They’re constantly studying the market, riding bikes, making their mule bikes, prototype bikes, and riding them themselves, seeing what happens, seeing what they like, don’t like.

Consensus Estimate: (Source: market screener and investing.com websites)
• The closing price of EICHERMOTORS was ₹ 2,531/- as of 2nd December 2020. It traded at 48x/ 31x/ 25x the consensus earnings estimate of ₹ 52.3/ 80.4/ 101 for FY21E/FY22E/23E respectively.
• The consensus price target of EICHERMOTORS Ltd is ₹ 2,301/- which trades at 23x the earnings estimate for FY23E of ₹ 101/-
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

By Auto, Eicher Motors, Rallis 0 Comments Read more...
24 Nov

Planning to increase retail space by 20-25% each year: V-Mart Retail

Update on the Indian Equity Market:
On Monday, NIFTY closed in slight green at 12,926 (-0.5%). Top gainers in NIFTY50 were ONGC (+6.6%), IndusInd bank (+3.8%) and GAIL (+3.54%). The top losers were HDFC (-3.5%), ICICI bank (-2.5%) and Axis Bank (-1.8%). Top sectoral gainer was IT (+2.8%), PHARMA (+1.8%) and METAL (+1.2%) and sectoral losers were FIN SERVICE (-1.1%), BANK (-0.7%) and PVT BANK (-0.3%).

Excerpts of an interview with Mr Lalit Agarwal, Chairman & MD – V-MART Retail with CNBC dated 20th November 2020:
• They have been consistent in their store size and their store plan. The expansion plan continues and they would definitely want to open up more stores in the current and the next year.
• They have initiated their Omnichannel portal and have started getting good traction there.
• The traction was more during the lockdown in the months of April-June but right now when markets have opened up, people are once again going back to their normal brick and mortar physical shopping behaviour.
• V-Mart Retail is very bullish on weddings. They expect good wedding consumption to happen up to December 14. They have been seeing around 75 per cent or more than that (of sales) over the last year’s festival.
• It was more than 70 per cent growth on a month-on-month (MoM) basis. Even during rush hour, customers came in good numbers.
• They are also seeing basket value going up as customers don’t want to visit the store multiple times, so they are coming in and buying a little better quantity.
• V-Mart saw good growth in the festive season. The density of customers in the store was a little higher and so was the fear. However, it has definitely been much better than what it was in the last month.
• October saw more than 70% growth than September. Early November and the end of October have been better as far as the festive season is concerned.

Consensus Estimate: (Source: market screener and investing.com websites)
• The closing price of V-Mart Retail Ltd was ₹ 2,042/- as of 23rd November 2020. It traded at 52x/ 35x the consensus earnings estimate of ₹ 39.1/ 57.9 for FY22E/23E respectively.
• The consensus price target of INDIAMART Ltd is ₹ 1,958/- which trades at 34x the earnings estimate for FY23E of ₹ 57.9/-
Disclaimer: “The views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.”

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