Filatex India Q1 Review - Decent Performance In Tough Operating Scenario: ICICI Direct
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ICICI Direct Report
Filatex India Ltd. managed to operate at above 80% utilisation levels and reported reasonable revenue and profitability in a tough operating scenario.
Revenue de-grew 18% QoQ (3.8 times growth YoY) to Rs 698.9 crore.
Gross spreads, which were significantly higher in Q4 FY21, fell 22% QoQ to Rs 29.3/kilogram with gross margins down ~560 basis points QoQ (up 1380 bps YoY) to 28.4%.
Subsequently, Ebitda margins were down 760 bps QoQ to 14.5% (Q1 FY21 down 4.3%), with absolute Ebitda down 46% YoY to Rs 101.1 crore (Ebitda/kg: Rs 14.9 versus Rs 24.3 in Q4 FY21).
Filatex India's ensuing profit after tax came in at Rs 52.1 crore versus Rs 118 crore in Q4 FY21.
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