BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Asahi India Glass Ltd. Q2 FY21 operating numbers were a beat on all fronts as Ebitda margin came in at 19.6% (up 193 basis points) while revenues came in at Rs 6.2 billion (down just 1% YoY).
We remain positive on the stock due to -
1. strong recovery in auto segment expected in FY22 (expect 15-20% original equipment manufacturer volume growth);
2. faster growth in architectural segment on the back of robust domestic and increased curbs on imports;
3. leaner fixed-cost structure aided by structural measures, and
4. continued benefits of lower gas costs.
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