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Buy ICRA: Parag Parikh

Posted on: May 25th, 2009 and is filed under Brokerage Recommendations.

Parag Parikh Financial Advisory Services has recommended a buy rating on ICRA in its May 18, 2009 report.

“ICRA Limited has delivered better than expected results for the quarter and year ended FY09. The quarterly results show a sequential growth of 32% in topline & 40% in PAT. On Y-Y basis there is a phenomenal 50% topline growth & a 39% earnings growth and for the year ended Mar’09, the company’s topline and PAT both increased by 36%. During the period under review, Current Investments have been marked to market as on March 31, 2009 and a provision of Rs 33.43 million has been made to reflect the diminution in the value of the investments. This has been charged to the P&L account and is not on a recurring basis.”

“At CMP of Rs 621/- the stock is trading at 14.1x FY10E earnings of Rs 44/-. Upon factoring the FY09 reported performance, we have increased our EPS estimate for the current fiscal from Rs 38/- to Rs 44/-. We recommend ‘BUY’,” says Parag Parikh Financial Advisory Services’ research report.

SOurce: Moneycontrol

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