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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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

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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