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Change Change %
3.20 1.16%

Updated:23 Apr, 2018, 15:53 PM IST

Change Change %
5.80 2.11%

Updated:23 Apr, 2018, 16:01 PM IST

Research Report Detail

Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
HDFC Securities
15-09-2017 Buy 280.50 306.00
Target Hit Long (1Y)

HDFC Securities maintains neutral on Suprajit Engineering

Suprajit Engineering's (SEL) consolidated 1QFY18 result came in below estimates, with PAT at Rs 226mn ( 7% YoY), led by lower operating efficiencies. Revenue witnessed a jump of 27% YoY to Rs 3.2bn, while EBIDTA margin contracted sharply to 14.3% (-290bps YoY, -360bps QoQ). SEL has a proven track record of prudent capital allocation across its organic and inorganic capacities and requirements. This is reflected in strong return ratios (average ROCE of 18% over the last five years). However, we believe the Phoenix Lamps (PLL) business has been a drag on the overall financials for quite some time. The new H7 product line set up hasn't really helped in boosting sales in the export aftermarket, and the company is still awaiting certifications for the same in US and Europe. We have trimmed our estimates in FY18, given the weak performance in 1QFY18.  

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