Bonanza has recommended an accumulate rating on Bartronics India with a medium term target of Rs 75 in its March 13, 2009 research report.
“BIL reported 95% growth in consolidated net sales at Rs 137.15 crore for Q3FY09. The US subsidiary had revenues of Rs 45 crore; Singapore subsidiary had no revenues whereas the Indian operations: smart card business reported revenue growth of Rs 45 crore and solution business had Rs 47 crore.”
“The company has given a topline guidance of Rs 1000 crore for FY10 and a bottom line guidance of Rs 160-170 crore. Company has high visibility of contracts for the next three-four years and revenues for the company can run up to few thousand crores in the coming years. With company eyeing government projects in the future and an outstanding order book of Rs 1100 crore, executable over next 24 months. We recommend investors to accumulate the scrip on dips near Rs 50 for a medium term target of Rs 75,” says Bonanza’s research report.
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