India's Safari Industries rises after brokerage retains "buy" on strong Q4 expectations

Safari Industries (INDIA)

11/04/2023 09:12

** Shares of Safari Industries (India) Ltd  SAFA.NS  rise as
much as 3.54% to 2,175 rupees - their highest since April 5
    ** Rise in the luggage and luggage accessories' manufacturer
comes after brokerage Prabhudas Lilladher reiterates "buy" and
target price of 2,538 rupees on the stock
    ** SAFA is expected to witness 54.3% Y/Y revenue growth in
Q4 as demand momentum continues to remain strong: Prabhudas
Lilladher
    ** Adds that gross margins are likely to remain above 40%,
due to softening of raw material prices; expects core profit
margin of 16.7% in Q4
    ** All five analysts tracking SAFA maintain "buy"; median TP
is 2,526 rupees - Refinitiv data


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