SH Kelkar Q3 Review - Strong Operational Performance; Outlook Positive: Motilal Oswal
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Motilal Oswal Report
We maintain our positive outlook on SH Kelkar and Company Ltd., led by sustained growth trajectory and improving profitability in the fragrance and flavours business.
The company reported a 30% YoY growth in revenue to Rs 3,780 million (versus our estimate of Rs 3,641 million) in Q3 FY21.
Ebitda grew 55% YoY to Rs 667 million (versus our expectation of Rs 606 million).
Ebitda margin expanded 280 basis point YoY to 17.7% (versus our estimate of 16.7%) in Q3 FY21.
We have raised our FY21E/FY22E earnings estimate, supported by a strong demand recovery and improving raw material pricing environment.
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