Safari Industries Q4 Review - Near-Term Outlook Weak: IDBI Capital

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Safari Industries Q4 Review - Near-Term Outlook Weak: IDBI Capital


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IDBI Capital Report

Safari Industries Ltd. reported better than expected Q4 FY21 result.

Its sales/ Ebitda were 13%/44% above our estimates.

The company's net sales fell by 7.2% YoY to Rs 1,329 million amid weakness in travel and tourism.

Nevertheless, Ebitda improved 2.6% YoY to Rs 134 million as operating expenses fell 8.2% YoY.

Interest cost fell 69.1% YoY to Rs 7 million. Hence, net profit increased by 32.9% YoY to Rs 63 million.

We have cut our FY23 sales/Ebitda estimate by 27%/75% as we anticipate the second wave of Covid-19 to affect H1 FY22 sales severely.

Click on the attachment to read the full report:

IDBI Capital Safari Industries Q4FY21 Result Update.pdf


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