Neutral TIL Ltd Book Profit For Target Rs.303 - Sushil Finance
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TIL Ltd. recently announced its performance for the quarter ended September 30, 2021.
We had initiated coverage on TIL ltd. on September 30, 2019 at the then prevailing price of Rs.200 for the target of Rs.303. We were anticipating the company to deliver decent growth with improved margins amidst improving demand scenario for its Material Handling Solution products. However, the performance was not-in-line with our anticipation and projections. Further, we find operational issues such as supplyside constraints, intensifying competition, frequent reshuffling in the Management have been impacting the operations. Moreover, we find discomfort in issues like high inventory levels, increased borrowings, negative operating cash flows and rising liquidity concerns. Thus, amidst this lack of visibility, we would advise investors to switch for better opportunities.
At the CMP of Rs.159, we would change the rating to neutral and would advise to exit on account of aforesaid concerns and lack of visibility.
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