People pounced on the stock, hitting a 52-week high when the brokerage advised to buy.

New Delhi. Shares of AFL India, a provider of mobile advertising services through information technology and software development, have seen strong gains in the last two trading sessions. On Tuesday, the stock hit a new 52-week high of Rs 1,465 with an intraday gain of 9.5 percent. The rise in FL shares comes after brokerage firm Citi gave the stock a ‘buy’ rating. In its report, the brokerage had expressed hope that the FL share could return up to 17 percent to investors in the coming period.

The brokerage said it sees Apple India’s growth prospects as very strong. The company is dependent on greater use of digital ad spend and is well-positioned to benefit from improvements in mobile ad budgets. Additionally, its Return on Equity (RoE)-driven mergers and acquisitions strategy should significantly boost its business in several key markets, including the US. “We expect its revenue to expand by 20 percent and EBIT margin by 4 percent over FY2024-27,” Citi said.

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The target price is given at Rs 1,600.
Citi analysts forecast Apple India’s share price to go up to Rs 1,600. This suggests a potential upside of around 17% from its current price. Shares of Apple India have gained 26.5% in the last three months. The stock has gained 17% in one month. In the last one year it has given investors around 37% return.

Profits increased in the March quarter.
Apple India’s net profit rose 40 percent to Rs 87.5 crore in the March quarter, from Rs 62 crore in the same quarter last fiscal. On a quarterly basis, the company’s profit grew by 14 percent. FL India’s revenue rose 42% to Rs 506 crore in the March quarter, from Rs 356 crore a year ago. The company’s profit for the full fiscal year 2024 rose 21.5 percent to Rs 297 crore, from Rs 244.58 crore in the same quarter last fiscal.

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