ICICI Securities: Mishra Dhatu Nigam Q2 FY21 Concall Update - Execution Outlook Remains Strong
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ICICI Securities Report
Mishra Dhatu Nigam Ltd. highlighted that despite the slowdown in space launches, and space revenue mix falling to 40% in FY21E, it does not expect any material change in margins.
This is mainly due to the high-margin maraging steel comprising of 70-80% of revenue mix in FY21E (similar to FY20) and titanium alloys also increasing their revenue contribution.
Management expects to cross FY20 revenues in FY21; all the melt shops are running at full utilisation to achieve the same.
With the current utilisation stretched through the year, Rs 10 billion revenue target for FY22 appears realistic.
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