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
Supreme Industries Ltd. reported an all-time high Ebitda margin of 24.5% (our estimate: 18.2%), up 540 basis points/270 basis points year-on-year/quarter-on-quarter, largely driven by sharp inventory gains (Rs 1 billion in Q4 FY21 and Rs 2 billion in FY21) on the back of steep increase in polyvinyl chloride prices.
However, plastic piping volumes, which declined 1.7% YoY (due to sustained weakness in agriculture pipe segment and regional lockdowns post March 20, 2021), were a key disappointment.
Management guidance of 17% Ebitda margin for FY22 (on the back of increasing mix of added products, cost efficiencies and operating leverage) however came as a positive surprise.
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