Mishra Dhatu Nigam Q1 Review - Expect 20% Revenue CAGR Over FY21-23E: ICICI Securities
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ICICI Securities Report
Mishra Dhatu Nigam Ltd. recorded Q1 FY22 revenue and Ebitda of Rs 1141 million (up 0.5%YoY) and Rs 255 million (up 337% YoY).
Gross margin has again surprised at 83%, leading to an Ebitda margin of 22.4% despite a weak topline.
Higher Ebitda is due to various cost cutting measures undertaken by Midhani including reduction in employees cost.
Also, the raw material cost has reduced considerably.
However, going forward there might be pressure on the margins, as the market remains competitive and there is a change in product mix.
As expected, order inflows have also started to pick up, with Rs 1.6 billion of inflows in Q1 FY22, taking the orderbook to Rs 14 billion.
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