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ICICI Securities Report
Visaka Industries Ltd. reported a stellar 38% beat in profit after tax at Rs 344 million (our estimate Rs 249 million), up 49% YoY.
The performance was driven mainly by strong operational performance in asbestos cement sheet segment on the back of higher rural demand and sharp uptick in pricing and sharp uptick in Vnext prices led by pent-up demand witnessed post May 2020.
With demand and pricing tailwinds for ACS/Vnext segments likely to sustain in the near term, we expect the company to maintain its growth momentum over the next few quarters.
Also, increasing promoter stake (through preferential allotments and warrants) and expected paring of sizeable debt in the current fiscal would aid further re-rating in the stock going forward.
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