CMP Rs688, Target Rs785, Upside 14.0%
- Income from operations lower than expected on account of lower utilization of assets
- OPM at 64.6%, up 883bps yoy and 283bps qoq driven by fall in costs across categories
- Foreign exchange loss and write-down on investments impacts PAT, which fell 56.1% sequentially
- Sinking of Aban Pearl to leave severe impact on revenues, profits and cash flows
- Lower our target price to Rs785 as we cut our EPS estimates and lower our target multiple
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