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Anand Rathi
Aarti Ind (Buy)
CMP: ₹103.10
Target: ₹135
Aarti Industries Ltd (AIL) is a specialty chemical company manufacturing benzene intermediates which find applications with various polymer/ agro chemicals and pharmaceutical manufacturers. Company is consistent performer in last 16-17 years. There was not a single year since 1998 when company posted loss. Company is not only reporting positive net income but also positive cash profit since 1998. There was only one occasion when company’s cash flow from operation was negative in the last 15 years. AIL is continuously paying dividend. AIL is currently quoting at 4.5 per cent dividend yield which we believe is very attractive. Diversified revenue mix from different products and from different geographies makes business less vulnerable to slowdown.
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