Buy Thangamayil; Target Of Rs 625: HDFC Securities
HDFC Securities’ research report on Thangamayil
Gold jewellery/Silver product volumes declined 9/2% YoY respectively. Despite the top-line disappointment, TJL managed to more than salvage margins led by better product mix. Gross/EBITDA margins expanded 110bp each to 9.7/5.7%. EBITDA/APAT grew by 11/8% (in-line).
Reference:
1. Money Control news dated Aug 7, 2018.