I don’t think margins of this quarter will sustain as paper prices have started to fall as per JK concall but any way Sept margins were 20% so next quarter margins should be better than that as operational efficiencies have kicked in. In March they had paid more debt hence profit looks optically low so PE is less than 5 as of now. Avg PE is 8 as per screener and as they are trying to be efficient I think next few years should see the effect and if they maintain margins market will reward them.
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