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Add Crompton Greaves Consumer Electricals, target price Rs 477: ICICI Securities

ICICI Securities has add call on Crompton Greaves Consumer Electricals with a target price of Rs 477. The current market price of is Rs 441.95. Time period given by analyst is one year when Crompton Greaves Consumer Electricals Ltd. price can reach defined target.

Crompton Greaves Consumer Electricals Ltd., incorporated in the year 2015, is a Mid Cap company (having a market cap of Rs 27765.93 Crore) operating in Consumer Durables sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 1542.65 Crore, up 12.76 % from last quarter Total Income of Rs 1368.06 Crore and up 48.57 % from last year same quarter Total Income of Rs 1038.30 Crore. Company reported net profit after tax of Rs 249.08 Crore in latest quarter.


Investment Rationale
The brokerage models Crompton to report a PAT CAGR of 7.5% over FY21-FY23E and RoE to be above 30% over FY22E-FY23E. It remains positive on the business model due to its competitive advantages and growth opportunities. It upgrades the stock ADD with a DCF-based target price of Rs477 (implied P/E 42x FY23E).

Promoter/FII Holdings
Promoters held 11.4 per cent stake in the company as of March 31, 2021, while FIIs held 40.9 per cent, DIIs 37 per cent and public and others 10.7 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.

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