ICICI Direct: Wim Plast - Q1 Performance Hit By Pandemic Lockdown 
Cello brand chairs on display manufactured by Wim Plast Ltd. (image: Company website)

ICICI Direct: Wim Plast - Q1 Performance Hit By Pandemic Lockdown 


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ICICI Direct Report

Wim Plast Ltd. reported a sluggish Q1 FY21 performance. However, this was perceived to be due to nationwide lockdown.

We believe the company would have lost almost 40 days of sales amid lockdown. As a result, revenue in Q1 FY21 fell 75% YoY to Rs 23 crore.

Plastic segment (approximately 87% of revenue) revenue fell 73% YoY while other segment (includes extrusion sheet, moulds, air cooler) revenue fell 83% YoY.

On the margin front, gross margin declined approximately 600 basis points YoY mainly due to adverse product mix.

However significant saving in other expenditure, employee cost that were down 66%, 46% YoY respectively, helped restrict losses at Ebitda level at Rs 12 lakh only.

Finally, Win Plast reported bottomline loss of Rs 1.5 crore in Q1 FY21.

We believe a sales recovery post ease in lockdown restrictions coupled with market share gains from unorganised pie would be key monitorables for the Company, going forward.

Click on the attachment to read the full report:

ICICI Direct WimPlast Q1FY21 Result Update.pdf


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