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Keerthi Ind Buy for target price - 250 rs

Check out full analysis below

• Tiny Market Cap of 105cr

▪️Huge ROCE - 38.5%

▪️Huge ROE - 35%

▪️Promoter Holding - 74.92%

▫️ *Co has declared 1.5rs Dividend per Share for FY21*

▫️ *Co has reduced Debt from 52cr to 28cr now*

*Co has Reported Stellar nos for FY21*

▫️Revenues at 235cr vs 174cr (+35% YoY)

▫️EBITDA at 51.4cr vs 10.8cr (+376% YoY)

▫️EBITDA Margin at 21.9% vs 6.2% (+1570 bps YoY)

▫️PAT at 19.3cr vs Loss of 0.32cr YoY

▫️EPS of 24rs for FY21

*Actual Numbers are even better considering One off item*

▫️Adj PAT of 25cr for FY21

▫️Adj EPS of 31.2 per share for FY21

*Co trades at just 4x TTM EPS*

▫️FY22 Revenues estimated at 250cr

▫️FY22 PAT estimated at 29cr

▫️FY22 EPS estimated at 36 per share

*Co trades at just 3.5x FY22EEPS*

▪️Cement division operates under brand name Suvarna Cements in South India

▪️Cement Prices & Demand highest in South India. Likely to sustain over a longer period.

▪️ *Promoters have acquired 150 acres land to venture into Sugar sector. Integrated Sugar project of 3500 TCD with 26 MW cozen power plant, 50 KLPD distillery is being setup in Karnataka.*

*While most of the bigger cement cos are trading at P/E of 30-35x, Keerthi Ind is available at just 1/10th valuation.*

*Even with a modest P/E of 7x, Stock is poised to reach 250+ (Deserves much better P/E, so ultimately TP could be even Higher). Venture into Sugar industry should further boost valuations*

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