JK Tyres & Industries Ltd, Buy
CMP: Rs 134 Target Price: Rs 171
Q1 2007-08 Result Update
JK Tyre & Industries Ltd (JKI) saw its top line grow by 9.9%YoY in line with our expectations. Slowdown in OEM segment has kept the volume growth in check however, replacement market has shown positive signs. OPM came in at 10.3% much higher than 7.6% as at the end of Q1 2006-07. PAT came in higher by 166.1% due top the spurt in operating margins. We believe the company’s expansions are well timed and will yield positive results. We continue to remain positive on the company.
FINQ,
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