IDBI Capital: MM Forgings’  Q2 Numbers Ahead Of Estimates On All Parameters
A worker grinds the stock, another way of forming steel rather than forging, at the workshop in U.S. (Photographer Meg Roussos/Bloomberg)

IDBI Capital: MM Forgings’ Q2 Numbers Ahead Of Estimates On All Parameters

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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.

IDBI Capital Report

MM Forgings Ltd.’s Q2 FY21 result was ahead of our estimates on all parameters.

Ebitda margin for the quarter stood at 17% versus our estimates of 15.4% on account of higher contribution from export market and lower operating expenses.

Currently revenue contribution from export market for the company is approximately 52% whereas North Amercia/Europe contributes approximately 20%/22% respectively.

We believe North America /European market hit hard due to Covid-19 and recently announced lockdown in European countries and possible lockdown in U.S. region would impact H2 FY21 numbers.

Click on the attachment to read the full report:

IDBI Capital MM Forgings Q2FY21 Result Update.pdf

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