Religare revises ‘high conviction target’ to hold, sees 11% upside as midcap stock nears 52-week high; do you own?
Jyothy Labs neared their 52-week high levels of ₹466 after reporting decent July-September quarter results for fiscal 2023-24 (Q2FY24). Domestic brokerage firm Religare Broking has revised its rating on the midcap stock to ‘accumulate’ or ‘continue to hold’ after the ‘high conviction’ target was achieved at 27 per cent by the end of September 2023. At a current market price (CMP) of ₹419, Religare has given a target price of ₹466 for Jyothi Labs and sees a potential upside of 11.2 per cent on the stock.
On Thursday, shares of Jyothi Labs settled 4.29 per cent lower at RS 439.20 apiece on the BSE. Jyothy Labs reported a consolidated net profit of ₹103.98 crore in the September quarter, up 59.1 per cent from ₹65.35 crore registered a year ago. The company's revenue from operations in the second quarter of current fiscal stood at ₹732.34 crore, registering a growth of 11.09 per cent, compared to ₹659.20 crore in the year-ago period.
The company's earnings before interest, tax, depreciation and amortization (EBIDTA) for September quarter stood at ₹135 crore rising 69 per cent year-on-year (YoY). The EBIDTA margin was at 18.5 per cent in the quarter-under-review. Also Read: Technical Picks: Hindustan Copper, IRFC, 8 others among top picks by Prabhudas Lilladher; do you own? “The demand across our product portfolio has been stable.
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