India's KPR Mills rises over 3% on positive growth view

KPR Mill

31/03/2023 11:05

** Shares of KPR Mills  KPRM.NS  rise as much as 3.21% to
582 rupees, highest in a week
    ** Rise comes after domestic brokerage Equirus Securities
initiated coverage on the textile firm with an 'add'
recommendation
    ** Target price set at 651 rupees, an implied upside of 15%
    ** KPRM's decision to migrate from commoditised yarn
business to garment exports is paying rich dividends in terms of
revenue, margins: Equirus
    ** Adds, strategic investments in sugar/ethanol business
will help sustain growth momentum
    ** Estimates  11%/15%/19% average annual growth rate in
revenue/core profit and net profit over FY2023-25
    ** Trading volume is 163,516 shares as of 3:21 p.m. IST,
0.8x the 30-day avg of 192,925 shares - Refinitiv data
    ** All the six analysts tracking KPRM maintain 'buy;' median
TP is 695 rupees





 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))