Daily stock recommendation - Buy Hindalco Industries Limited For Target Rs. 512 - Geojit Financial Services
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Buy Hindalco Industries Limited CMP: Rs.427 Target Price: Rs.512
The company’s revenue surged 63.6% YoY to Rs. 41,358cr in Q1FY22, due to robust growth across all business segments. EBITDA grew 219.3% YoY to Rs. 6,173cr due to strong volume growth, improved product mix and favourable macro factors. Adjusted PAT rose to Rs. 2,211cr (vs. Rs. 290cr loss in Q1FY21) after adjusting for Brazilian tax litigation and reversal of employee severance cost. The new expansion plans in Brazil and Asian countries, along with higher demand across sectors and improved operating efficiency should boost performance. Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 512 using SOTP.
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