Anand Rathi Shares and Stock Brokers has maintained 'Buy' on NRB Bearings after the company declared its first quarter results. The stock broker fixed price target to Rs 154.

Commenting on the results, Anand Rathi Shares and Stock Brokers said, ''NRB Bearings’ top-line inched up just 2.1% year-on year to Rs 1.6 billion, with margins declining 464 bps year-on year to 14.5%. Due to this, profitability was impacted to a great extent and reported PAT came at Rs 104 million (down 19.7% year-on year). With its focus on increasing export revenue, the company is expected to benefit in the long run.''

Commenting on the investment rationale, Anand Rathi said, ''With the expected revival in auto-sector demand and prospects for the economy looking up, NRB's prospects too are expected to be promising. Hence, we maintain our Buy recommendation. Assigning a PE of 17x to FY17e earnings, we derive a target of Rs 154. The stock trades at 15x FY16e and 11.7xFY17e. Risks: Keener competition, higher input costs, currency fluctuation.''

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