Download  Navneet+-+2Q09

Navneet Publications
2Q09 – Steady performance, maintain Buy
Steady performance, maintain Buy. Navneet reported good
12% revenue growth. Though its PAT slipped 5.6%, we expect it
to touch estimates. Considering its business model is resilient to
changes in the economy and that its dividend yield is 6.4%, we
retain our Rs89 target, based on a multiple of 12x FY10 estimates.