Mishra Dhatu Nigam Q4 Review - Margins Continue To Remain Healthy; Order Inflows May Pick Up: ICICI Securities
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ICICI Securities Report
Mishra Dhatu Nigam Ltd. recorded Q4 FY21 revenue and Ebitda of Rs 3459 million (up 70%YoY) and Rs 1031 million (up 106% YoY).
Ebitda was marginally below estimate driven by lower than expected gross margins (at 68%) and Ebitda margins (at 30%).
Orderbook has also declined YoY to Rs 13.53 billion (against Rs 16.84 billion).
This has been driven by weaker than expected order inflows for FY21 at Rs 4822 million.
The orderbook inflows is expected to pick up in FY22 driven by already strong orderbook in defence public sector undertakings and space budget coming back to normal post a weak FY21.
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