Nocil Q4 Review - Well Poised For Next Phase Of Growth: Prabhudas Lilladher
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Prabhudas Lilladher Report
Nocil Ltd. reported Q4 FY21 Ebitda and profit after tax of Rs 503 million (up 36% QoQ; our estimate Rs 475 million) and Rs 360 million (up 63% QoQ; our estimate Rs 299 million), respectively.
Profit after tax got a boost from lower tax of 15.4%.
Q4 revenues were at Rs 3.2 billion (up 17%QoQ) and included volume growth of 3%QoQ.
Gross margins improved to 44.2% (up 80 basis points QoQ) and Ebitda margins improved to 15.6% (up 220 basis points QoQ) as operating leverage helped support margins.
We increase our estimates for FY22/23E as we increase our volume and realisation assumptions.
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