Buy Sumitomo Chemical India; target of Rs 659: Sharekhan

About this update from Sumitomo Chemical India Ltd.

Sharekhan's research report on Sumitomo Chemical IndiaSumitomo’s reported revenue of Rs. 988 crore, marking a 9% increase compared to the same period last year and an 18% rise from the previous quarter, exceeding our projections by 5%. EBITDA stood at Rs. 245 crore, up 31% y-o-y and 52% q-o-q, surpassing our estimates by 30%. PAT stood at Rs. 67 crore, up 29% y-o-y and 51% q-o-q.OutlookImproved domestic demand on account of good monsoon, ramp-up of already completed capex, and increased margins bodes well for the company. We have increased our FY2025/FY2026 earnings estimates and have introduced FY2027 estimates. Hence, we have revised our PT to Rs. 659.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Sumitomo Chemical India_30102024_Sharekhan

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