External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients.

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We upgrade our rating on IFB Industries to Buy (from Accumulate earlier) with a SOTP-based target price (TP) of Rs1,300 (from Rs1,535 earlier). On FY23E EPS, we value the Home Appliances business at a P/E of 30x and the Fine Blanking business at P/E of 7x. IFB's stock price has corrected by 22% since 3QFY21 results. IFB's revenue grew by 65% YoY to Rs7.9bn but was 7% below our estimate. The topline was lower than expectation as IFB lost some sales due to intense competition from peers who refrained from passing the price hikes on to consumers.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We upgrade our rating on IFB Industries to Buy (from Accumulate earlier) with a SOTP-based target price (TP) of Rs1,300 (from Rs1,535 earlier). On FY23E EPS, we value the Home Appliances business at a P/E of 30x and the Fine Blanking business at P/E of 7x. IFB's stock price has corrected by 22% since 3QFY21 results. IFB's revenue grew by 65% YoY to Rs7.9bn but was 7% below our estimate. The topline was lower than expectation as IFB lost some sales due to intense competition from peers who refrained from passing the price hikes on to consumers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashoka Buildcon Ltd- 4QFY21 Result Update- Order inflow and asset monetization key monitorables