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Firstcall Research
Aarti Industries (Buy)
CMP: ₹323.15
Target: ₹350
Aarti Industries Ltd (AIL) is a leading supplier to global manufacturers of speciality chemicals and pharmaceuticals with diversified end-uses in pharmaceuticals, polymer, additives, surfactants, agrochemicals, pigments, dyes, etc. Key highlights of performance: In Q4, net profit jumps to ₹52.76 crore against ₹46.84 crore in corresponding quarter of previous year, an increase of 12.64 per cent y-o-y; Net sales stood at ₹677.48 crore in Q4 compared with ₹744.14 crore in Q4 FY14; Q4 operating profit was at ₹118.89 crore, an increase of 8.15 per cent y-o-y against ₹109.93 crore in the same period last year; The company has recommended a final dividend @ 35 per cent i.e., ₹1.75 a share on face value of ₹5 for FY15.
We expect that the company surplus scenario is likely to continue for the next three years, will keep its growth story in the coming quarters also. The commissioning of various ongoing projects and new projects over next eight quarters would help to maintain its growth momentum.
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