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Dolat Capital Report
Aarti Industries Ltd. reported consolidated sales growth of 18.7% YoY to Rs 11.7 billion (our estimate Rs 9.88 billion), which were ahead of our estimates as the company was able to recoup volumes in the domestic market (which are expected to reach pre-Covid-19 levels in Q3 FY21).
EBITDA was flat at Rs 2.54 billion, with an Ebitda margin of 21.7% (down 403 basis points YoY).
Margins remained under pressure as bulk of the discretionary application sales witnessed realisation pressure coupled with lower sales coming from regulated markets (wherein margins tend to be higher).
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