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Edelweiss maintains buy on Amber Enterprises India, target price Rs 1,272

Edelweiss has maintained buy rating on Amber Enterprises India in the long term with a target price of Rs 1,272 following a meeting with the company’s management. Shares of Amber Enterprises India ended up 1.3% at Rs 1,033.95 on Tuesday while the BSE sensex closed 181.40 points down at 41,461.26.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 623.24 crore, down -49.57% from last quarter sales of Rs 1235.94 crore and up 88.97% from last year same quarter sales of Rs 329.81 crore. The company has reported net profit after tax of Rs 12.18 crore in the latest quarter.

The company’s top management includes Dr.Girish Kumar Ahuja, Mr.Daljit Singh, Mr.Jasbir Singh, Mr.Kartar Singh, Mr.Manoj Kumar Sehrawat, Mr.Satwinder Singh, Mrs.Sudha Pillai. Company has Walker Chandiok & Co. LLP as its auditors. As on 30-09-2019, the company has a total of 31,446,540 shares outstanding.

Investment Rationale

The company plans to continue to focus on increasing the wallet share from existing client network and also through inorganic expansion, said Edelweiss. The low penetration of ACs in India, increase in outsourcing and company‘s focus on increasing wallet share would continue growth momentum, the brokerage said.

Source: Economic Times