Sharekhan has given Buy recommendation for Amber Enterprises with a target price of Rs. 3170 in its research report issued on Feb 01, 2021

Sharekhan’s research report on Amber Enterprises

Q3FY21 was an operationally strong quarter leading to better-than-expected net profit, while normalised inventory levels led to muted revenues. Management expects Q4FY21 to be much better as inventory normalises and hopes of a strong summer. Company would be one of the key beneficiaries from import ban on ACs with refrigerants and likely expansion of PLI schemes for AC and components. Management remains optimistic about export prospects for both fully built-up units and components that can potentially emerge over the next 3-4 years.

Outlook

We retain Buy on Amber Enterprises Limited (Amber) with an unchanged PT of Rs. 3,170, given a strong net earnings growth outlook over FY2021E-FY2023E.

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