Emkay has given Buy on the stock with a revised price target (PT) of Rs recommendation for Amber Enterprises with a target price of Rs. y is bullish on Amber Enterprises has recommended buy on the stock with a revised price target (PT) of Rs. 3,300 in its research report issued on Jan 31, 2022
Management reiterated its FY22 RAC volume guidance of 3mn (implying 62% yoy growth in Q4) and the doubling in revenues of subsidiaries in the next two years. The industry is expected to see volumes of 6.3-6.5mn units in FY22 vs. earlier expectations of 6.5-6.8mn. We increase FY22-24E EPS by 1-9%, factoring in recently acquired AmberPR and higher other income for FY22. We pencil in FY22-24 revenue/EBITDA/PAT CAGRs of 35%/39%49%. Retain Hold with a revised Mar’23E TP of Rs 3,300 (30x Mar’24E EPS).