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IDBI Capital Report
MM Forgings Ltd.’s Q2 FY21 result was ahead of our estimates on all parameters.
Ebitda margin for the quarter stood at 17% versus our estimates of 15.4% on account of higher contribution from export market and lower operating expenses.
Currently revenue contribution from export market for the company is approximately 52% whereas North Amercia/Europe contributes approximately 20%/22% respectively.
We believe North America /European market hit hard due to Covid-19 and recently announced lockdown in European countries and possible lockdown in U.S. region would impact H2 FY21 numbers.
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