We expect a strong recovery in domestic air‐cooling market to continue in FY23, now with
lower commodity prices margins are set to improve and return to pre‐covid levels. We
expect FY22‐24E growth trajectory of 17% revenue CAGR. Considering higher operating
leverage, we estimate FY21‐24E EBITDA and PAT CAGR of 26% each. we maintain BUY
with the PT of Rs1,223 valuing it at 40x FY24EPS. Current CMP offers good entry point.
YES Securities.
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