MM Forgings - Excellent Delivery; Broad-Based Positivity Persists: ICICI Direct

A worker forges an automobile part in the forging department (Photographer: Tomohiro Ohsumi/Bloomberg)

MM Forgings - Excellent Delivery; Broad-Based Positivity Persists: ICICI Direct

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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.

ICICI Direct Report

MM Forgings Ltd. reported strong operational results in Q4 FY21.

Standalone net sales jumped 81.3% YoY, 32% QoQ to Rs 286 crore.

Ebitda came in at Rs 56.5 crore, up 152% YoY with attendant margins rising 450 basis points QoQ to an 11-quarter high of 19.8%.

The company realised savings across all cost heads, with gross margins improving 64 bps sequentially with other expenses, employee costs down 184 bps, 141 bps QoQ, respectively, on percentage of sales basis.

Consequent standalone profit after tax was at Rs 30.1 crore, up 96% QoQ. The company declared an interim dividend of Rs 5/share for FY21.

Click on the attachment to read the full report:

ICICI Direct MM Forging Company Update.pdf

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