TD Power Systems Research Report By Emkay

Outlook & Valuation: Management maintained the revenue guidance for FY15E and FY16E and have also indicated of new business opportunities which are likely to be announced in the near future. Risk mitigations measures are in place to reduce the adverse impact of Euro depreciation – increasingly sourcing raw materials from Euro region and value engineering efforts directed at reducing raw material content by 4-5%. At current levels, the stock trades at 14.5X FY17EEPS. We maintain Buy with price target of Rs696/share.

TD Power Systems Q3FY15 Result Update