#KRCHOKSEY WEALTH TRACKER SERIES#

In November, brokerage Anand Rathi gave a target of Rs 2,524 on the stock as it said the company has created a niche for itself in its fluoro-chemicals business and was better poised to explore markets for more value-added products - including in sunrise sectors like electric vehicles - while continuing to gain from its backwards integrated and diversified businesses. We expect GFL to have very little net debt at the end of the forecast period, and RoCE (post-tax) to expand to 18 per cent in FY24E from 6.7 per cent in FY21,' it said. 'The company is working on reducing working capital to 100 days from 164 in FY21, which, along with utilisation of advances, should help significantly boost FCF. Net profit is expected to rise 45.9 per cent compounded annually to Rs 1,130 crore. It estimated the company's Ebitda growth at 39.5 per cent to Rs 1,830 crore in the period. ICICI Securities said Gujarat Fluorochemicals would log a revenue growth of 21.6 per cent compounded annually over FY21-FY24 driven by higher growth in fluoropolymers (32.9 per cent) and fluoro specialties (23.8 per cent). In 14 years, it has expanded its portfolio into value-added products in PTFE, and manufactures many other variants of fluoropolymers, including FKM, PFA, PVDF, additives and others. Gujarat Fluorochemicals (GFL) started the fluoropolymer business in 2007 with polytetrafluoroethylene (PTFE). Our target price of INR 1,158 is based on ~63x Mar-24E EPS with EPS CAGR of 22% over FY22-24E.Gujarat Fluorochemicals is also expanding into other fluorine derivatives that are used in the new-age verticals to expand the companyвЂ™s market and provide a vista of sustained growth, the brokerage said. Growth was broad based across the US (Contri.|66.6%, up by 7.3% CC QoQ) and Europe (Contri.|10.7%, up by 8.9% CC growth) and mainly driven by Edu-Tech (Contri.|23.7%, up 6.3% CC growth), BFSI (Contri.|13.7%, up 5.8% CC growth) and Industrial (Contri.|8.2%, up 31.5% CC growth).

We believe that recent intake of fresher (Aug intake), continuous investments in facility addition across India along with ongoing talent crunch, supply side challenges, wage hikes, increasing sub-contracting costs and higher intake of fresher will keep margins under check in the near term. 97% of the total revenue comes from Digital business and Agile contributes +93% of the total revenue. INR 558Mn) with margin of 17.1% due to lower other income. Reported Net profit grew by 8.1% QoQ to INR 563Mn (KRChoksey est. Reported operating margin stood at 22.7% QoQ due to lower utilization (down ~30bps QoQ). Rupee revenue grew by 9.4% QoQ to INR 3,289Mn (KRChoksey est. Dollar Revenue was up 5.5% QoQ to USD 42.2Mn (KRChoksey est. Happiest Minds Technologies Limited (HAPPSTMN) Q1FY23 performance beats our estimate. KR Choksey's research report on Happiest Mind Technologies

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#KRCHOKSEY WEALTH TRACKER SERIES#

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