homevideos Newsmarket Newsstocks NewsAntique Broking maintains 'buy' on Ganesha Ecosphere in hopes FY22 earnings per share will double
Antique Broking maintains 'buy' on Ganesha Ecosphere in hopes FY22 earnings per share will double
Antique Stock Broking has maintained a ‘buy’ rating on Ganesha Ecosphere with a target price of Rs 1,000 per share.
Antique Stock Broking has maintained a ‘buy’ rating on Ganesha Ecosphere with a target price of Rs 1,000 per share.
The broking firm sees a big leap for the company, which manufacturers polyester staple fibers and yarns from used PET bottles, in the second half of FY23 due to its upcoming facility in South India. The company is investing Rs 400-450 crore in the unit.
The key reasons why Antique is positive about this stock is that the firm expects margin in existing business to be augmented by superior product mix.
The firm also expects Ganesha Ecosphere's Nepal facility to come on stream in Q4FY22, and the South India facility to come on stream in the first half of FY23. The Kanpur unit is expected to be operational by December 2022, which will also add to earnings.
Antique expects the company's FY22 earnings per share (EPS) to more than double by FY24 and strong EPS is expected to boost the company’s return on equity (RoE) as well to around 21 percent and post-tax return on capital employed to around 16 percent.
Watch the accompanying video of CNBC-TV18’s Sonal Bhutra for more details.
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First Published: Apr 21, 2022 3:42 PM IST
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