Visaka Industries Q4 Review - Superior Execution To Drive Rerating: ICICI Securities
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ICICI Securities Report
Despite losses in ATUM and muted growth in the synthetic yarn segment, strong rural demand for Visaka Industries Ltd.’s asbestos cement sheet roofing sheet and sharp demand recovery in its Vnext segment helped the company report an all-time high profit after tax (Rs 1.11 billion) in FY21.
Strong free cashflow generation (highest in 10 years) led to significant reduction in net debt (down to Rs 0.4 billion from Rs 2.5 billion YoY) amid sharp improvement in working capital (down to 83 versus 124 days YoY) leading to more than 20% return on capital employed (highest in 10 years) in FY21.
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