IIFL maintains buy on Somany Ceramics, target price of Rs 363

| September 03 2019 11 : 30 IST | The Economic Times

IIFL has maintained buy rating on Somany Ceramics in the long term with a target price of Rs 363. Shares of Somany Ceramics ended down 0.2% at Rs 289.30 on Friday while the Sensex closed 263.86 points up 37,332.79.

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 392.73 crore, down -23.71 % from last quarter sales of Rs 514.77 crore and up 3.36 % from last year same quarter sales of Rs 379.98 crore. The company has reported net profit after tax of Rs 7.14 crore in latest quarter.

The management indicated that unprecedented demand tightness in the market since a few weeks which it attributed to weak sentiment in the economy and severe floods across the country over the past 2-3 weeks, said IIFL. Given declining footfalls at the retailer-end, achieving double-digit volume growth for FY20 looks tough, as per management, the brokerage said.

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