ICICI Securities: Visaka Industries’ Impressive Q2 Beat On All Fronts
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ICICI Securities Report
Visaka Industries Ltd. reported a 36% beat in profit after tax at Rs 223 million (our estimate Rs 164 million), up 68.6% YoY.
Performance was largely driven by -
1. sharp recovery in Vnext (fibre cement board) revenues (up 10.2% YoY) driving significant improvement in segmental Ebitda margin to 14.7% (all-time high) on the back of operating leverage and YoY decline in input costs; and
2. continued strong operational performance in asbestos cement sheet segment (up 17.8% YoY) led by sustained higher pricing.
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