28 Apr 2022 , 11:11 AM
Result date: 29th April, 2022
Recommendation: Buy
Target price: Rs9,500
Easing of semi-conductor shortage will support the company’s performance in the March 2022 quarter. Its sales volumes grew 13.6% sequentially and the company had also implemented price hikes in January 2022. Consequently, its revenue is likely to grow 13.6% sequentially and 10% over the year-ago quarter.
Healthy revenue growth coupled with price hikes would rub off favorably on its EBITDA margin, which could witness expansion of 157 basis points sequentially to 8.3%.
Strong operating performance will fuel a 41.8% sequential growth in the company’s Profit After Tax.
Important management insights to watch out for:
· Outlook on demand across all segments and markets
· Trends in input cost inflation, pricing action planned and margins
Rs Million | March 2022 estimates | YoY change | QoQ change |
Revenue | 264,174 | 10.0% | 13.6% |
EBITDA | 21,869 | 9.8% | 40.3% |
Profit After Tax | 14,336 | 22.9% | 41.8% |
Source: IIFL Research
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