Mohindra Fasteners Limited FY24 Results: Is It Time to Hold or Sell? | Stock Market News
Mohindra Fasteners has announced its FY24 financial results, showing a slight improvement. It is a leading manufacturer of cold and hot forged fasteners and precision machined components for automotive and industrial applications. The company's revenue increased by 3.1%, rising from ₹172 crore to ₹177 crore. Additionally, net profit saw a 6.7% growth, reaching ₹16 crore in FY24.
However, there was only a minor growth in EPS, which went from ₹25.95 to ₹26.42, reflecting a 1.8% increase. While the company displayed steady performance, the low EPS growth suggests that the profit impact hasn't significantly benefited shareholders.
The company's P/E ratio is 31.8, compared to its peers like Sundaram Fasteners with a P/E of 52.6 and Bharat Forge with a P/E of 78, making Mohindra Fasteners appear undervalued. From an investment perspective, we recommend avoiding it, but if you already own the shares, you can hold them for now.
About Mohindra Fasters Limited:
Mohindra Fasteners Limited (MFL) is a leading manufacturer of cold and hot forged fasteners and precision machined components for automotive and industrial applications. The company's products are used in a wide range of applications, including automotive, construction, agriculture, and energy. The company's customers include some of the world's leading automotive and industrial manufacturers. MFL is a trusted supplier to its customers and is committed to providing them with the products and services they need to succeed. The company has three manufacturing plants in India, located in Gurugram, Kharawar, and Rohtak. The company has a team of experienced engineers and technicians who are dedicated to manufacturing high quality products.
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