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ICICI Direct Report
Huhtamaki India’s Ltd.’s Q4 CY20 performance was hit by pandemic led disruptions like unavailability of containers (hit export business), logistic issues and lower volume offtake of economic packaging products.
Also, the labelling business took a hit in Q4 2020 due to limited outdoor activities.
Further, despite significant competition in the flexible packaging business the company has refrained from taking any price cut and kept its focus on maintaining gross margins.
While the gross margin was up approximately 82 basis points YoY supported by better mix, lower operating leverage dragged overall Ebitda margin down by ~356 basis points YoY to 6.4%.
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