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Systematix Research Report
Huhtamaki PPL Ltd.’s Q3 CY21 results were below our estimates with net revenue/Ebitda declines of 3%/60% YoY and negative profit after tax of Rs 218 million.
Lower capacity utilisation at the Thane plant (cost rationalisation and capacity shifting) likely impacted growth.
Gross margin (28%) remained under pressure as raw material prices continued to rise; we expect a recovery in one to two quarters based on moderation in biaxially oriented polypropylene films/biaxially-oriented polyethylene terephthalate prices by 14%/4% month-on-month in September 2021.
Huhtamaki PPL's Ebitda margin improved to 4.7% versus 3.4% QoQ due to lower employee costs.
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