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Mishra Dhatu Nigam Q4 Review - Margins Continue To Remain Healthy; Order Inflows May Pick Up: ICICI Securities

Mishra Dhatu Nigam Q4 Review - Margins Continue To Remain Healthy; Order Inflows May Pick Up: ICICI Securities

<div class="paragraphs"><p>A red hot billet of titanium alloy sits in a pressing mold at a plant in Russia. (Photographer: Andrey Rudakov/Bloomberg)</p></div>
A red hot billet of titanium alloy sits in a pressing mold at a plant in Russia. (Photographer: Andrey Rudakov/Bloomberg)

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.

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.

Click on the attachment to read the full report:

ICICI Securities Midhani Q4FY21 Results Update.pdf

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