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Radico Khaitan Ltd Research Report - 05th Nov 2016

Miscellaneous | Published on Nov 05th 2016

IT

For 2QFY2017, Radico Khaitan reported results above our estimates both on top-line and bottom-line front. The company’s top-line grew by ~11% yoy to `447cr on back of higher sales of premium products, while the bottom-line grew by ~27% yoy to Rs22cr on the back of improvement in volume and healthy operating performance. Going forward, we believe that the company has the potential to perform better on the bottom-line front on the back of (a) volume growth, (b) higher sales of premium products, (c) anticipation of better price hikes, and (d) gradual reduction in debt, which should lead to significant savings in interest costs. Hence, we recommend an ACCUMULATE rating on the stock with a target price of Rs147.

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Sell

CMP 135
Target Price 147
Investment Period12 Months

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