Solar Industries - Overseas Business Outperforms In Q3: ICICI Securities
A worker welds large scale explosive mining equipment. (Photographer James MacDonald/Bloomberg)

Solar Industries - Overseas Business Outperforms In Q3: ICICI Securities

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.

ICICI Securities Report

Solar Industries India Ltd. has delivered an in-line Ebitda print for Q3 FY21.

While standalone margins disappointed (gross margins down from 41% to 31% QoQ), strength in overseas business driven by a turnaround in Turkey operations helped.

Drop in standalone margins is on account of sharp inflation in commodity prices. Management expects the same to be passed on to customers in coming quarters.

Standalone revenues are flat YoY, key highlight being 27% YoY increase in housing and infra revenues.

Change in stewardship has clearly not affected the ability to execute opportunities in the segment.

Click on the attachment to read the full report:

ICICI Securities Solar Industries Q3FY21 Results Update.pdf

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