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UNO Minda remained in focus on Tuesday as most brokerages maintained positive views on the auto parts maker after it staged a quarterly financial performance that stood in line with Street estimates. CLSA, Nomura and Goldman Sachs's latest targets -- in the range of Rs 1,440-1,493 -- imply an upside of around 35-40 per cent in the largecap auto ancillary stock after the earnings announcement.
On Saturday, May 16, UNO Minda reported a 23 per cent year-on-year jump in consolidated net profit to Rs 326 crore for the quarter ended March 31. Its quarterly revenue grew 17.8 per cent to Rs 5,336 crore, according to a regulatory filing.
Both headline numbers were in line with estimates, with the top line almost meeting the mark.
According to Zee Business research, the auto parts manufacturer was estimated to report a March-quarter net profit of Rs 321 crore with Rs 5,357 crore in the top line.
The auto ancillary company logged a 14 per cent increase in quarterly EBITDA to Rs 602.7 crore, with a margin of 11.3 per cent. Analysts had pegged these figures at Rs 597 cr and 11.1 per cent.
Brokerage | Rating | Target Price | Upside vs Previous Close (Rs 1,070.20) |
CLSA | Accumulate | Rs 1,469 | 37.27% |
Nomura | Buy | Rs 1,493 | 39.52% |
Goldman Sachs | Buy | Rs 1,440 | 34.55% |