Amber Enterprises: Operationally strong Q3, bright times ahead II Sharekhan retains Buy with price target of Rs 3170
Amber Enterprises reported operationally strong quarter leading to better than expected net profit. Consolidated revenue declined by 3% yoy at Rs 764.7 cr, (lower than estimates) as the industry achieved normalised inventories led by sustained retail & OEM demand. RAC (Room Air Conditioner) revenues came at Rs 413 cr vs Rs 431 cr in Q3 FY20 (down 4% yoy) while components & mobility application revenues declined by 2% yoy to Rs 352 cr.
Amber Enterprises management indicated that demand uptick in September continued in Q3 led by a festive season: Reuters