Safari Industries gains on SBI Life Insurance buying stake worth Rs 77.38 crore

SBI Life Insurance Company bought 2.05 lakh shares in Safari Industries via open market transactions at an average price of Rs 3,775 per share, amounting to Rs 77.38 crore.

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Shares of Safari Industries opened nearly 1 percent higher on the NSE on September 6, a day after SBI Life Insurance picked up stake in the company. The stock was trading at Rs 3,765.30, 0.8 percent up, at 11:10am.

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SBI Life Insurance Company has picked up 2.05 lakh shares of Safari Industries through open market transactions at an average price of Rs 3,775 per share, amounting to Rs 77.38 crore, while Investcorp Private Equity Fund II sold 2.14 lakh shares in the company at an average price of Rs 3,775.06 per share. Investcorp previously held 1.22 percent stake or 2.88 lakh shares in Safari, as per June 2023 data.

For Q1 FY24, the luggage maker reported a consolidated net profit of Rs 49.94 crore, an 88 percent rise over the last year. Its total revenue surged 46 percent on-year to Rs 426.68 crore in Q1Fy24. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter also grew 18.5 percent to  Rs 79 crore for the same period.

Also read: Safari Industries Q1 result: Net profit jumps 88% to Rs 50 crore, revenue rises 46%

Analysts at Anand Rathi have given the stock a ‘buy’ rating with a 12-month target price of Rs  4,000. According to the August 2023 report, the analysts said that Safari Industries, with a focus on the economy category is one of the fastest growing luggage brands in India and will continue to build on its existing growth momentum in FY24 and FY25.

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