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CHHOTA (to) Mota Ideas - Result Update: Eveready Industries India Ltd - BUY - TP Rs.530 - Kotak

Posted On: 2018-02-08 23:10:05

- EIIL reported Q3FY18 revenue slightly below our estimate due to muted growth in battery and flashlight business. Tax expense at Rs 58 mn against tax credit of Rs 66 mn in Q3FY17 led to 40% YY decline in PAT reported at Rs 209 mn.

- Management reiterated positive view on the core business viz. battery & lighting business and expects continued momentum going ahead driven by structural positives brought by the GST regime. Small home appliances business continues to achieve larger reach.

- We reiterate our long term positive view on EIIL; expect significant earnings improvement in FY19/FY20 driven by 1/ exponential growth in consumer kitchen appliance segmented supported by deeper penetration on the lower base 2/ sustenance in demand for batteries in the domestic market and company retaining its leadership position in the segment and 3/ market share gain in lighting & flashlight business. We maintain BUY recommendation with an unchanged target price of Rs 530.

Shares of EVEREADY INDUSTRIES INDIA LTD. was last trading in BSE at Rs.380.1 as compared to the previous close of Rs. 386.85. The total number of shares traded during the day was 7982 in over 323 trades.

The stock hit an intraday high of Rs. 390.3 and intraday low of 380.1. The net turnover during the day was Rs. 3077967.


Source: Equity Bulls

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