Stocks to buy: Electronics Mart India Limited (EMIL) is India’s fourth largest consumer durables and electronics retailer
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Stocks to buy: Amid the fluctuating stock market, Electronics Mart India has come on the radar of share brokerages. Brokerage firm SBI Securities has recommended buy on EMIL stock. The stock has jumped 207 percent in the past year.
Electronics Mart India Limited (EMIL) is the largest electronics products retailer in South India’s Telangana and Andhra Pradesh by revenue and the fourth largest consumer durables and electronics retailer in India, the brokerage said. As of December, the company has a presence in 58 cities across four states. It has also entered the North Indian market through NCR through the brand Electronics Mart. It is also an authorized reseller of Apple.
EMIL is currently associated with more than 100 electronic brands with 8,000 SKUs and has long-term relationships of over 15 years with a select number of brands. During 9MFY24, EMIL opened 21 stores, taking the total store count to 147 stores as of Dec’23. The company plans to expand its store network in Andhra Pradesh, Telangana in future and gradually increase its presence in NCR region as well. Plans to open 7-10 stores in 4QFY24 and 25-30 stores in FY25.
EMIL presented strong results in the December quarter. Revenue/EBITDA/PAT grew by 20.7%/57.5%/109.1% YoY. Revenue for the December quarter was ₹1,789 crore, EBITDA was ₹115 crore and PAT was ₹46 crore
SBI Securities recommends buying EMIL shares with a 3-month horizon. That said, at current prices, the stock trades at an FY25E PE multiple of 38.1x which looks attractive. Given the onset of summer season, the major appliances segment (ACs, coolers) is likely to witness healthy growth in 4QFY24E and 1QFY25E. The brokerage has set a target price of Rs 240 per share. On May 3, 2024, the share price closed at 228.35. Thus, the stock can fetch a return of about 10 percent more than the current price.
Disclaimer:
Here the brokers advised to buy the shares. These are not the views of technical sofi. Consult your advisor before investing.)
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