MM Forging’s Q3 Margin Below Estimates; Outlook Remains Positive: IDBI Capital
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MM Forging’s Q3 Margin Below Estimates; Outlook Remains Positive: IDBI Capital

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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 Q3 FY21 result was ahead of our estimates on all parameters except Ebitda margin which stood at 15.2% versus our estimates of 17.6% due to lower export sales and relatively higher operating expenses.

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

We believe NA/European market hit hard due to Covid-19 and recently announced lockdown in European countries and possible lockdown in U.S. region would impact Q4 FY21 numbers.

Click on the attachment to read the full report:

IDBI Capitla MM Forgings Q3FY21 Result Update.pdf

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