Report of Ballarpur Indaustries(BILT)

One can keep buying on Ballarpur Industries with a price target of Rs 45.Its consolidated net revenues increased by 24.7% YoY to Rs 6.9 billion. EBITDA margins increased by 40 bps to 26.3% and adjusted PAT increased by 18.5% YoY to Rs 759 million. At CMP of Rs 34, the stock is trading at 6.6x FY08E EPS of Rs 5.2 and 6.3x FY09E EPS of Rs 5.4.