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Numbers below estimate; volumes rise 12% YoY to 418.6k

Recovery in marriage season important for meeting FY23 volume estimates

HMCL’s volumes grew 12% YoY to 418.6k units (est. 484k units).

We estimate volumes to grow 6% YoY in FY23, implying a residual growth of 6% YoY, or a run-rate of 439.25k units

Management commentary: With the economy gradually opening up and with continued government policy support, Apr’22 volumes indicate the continuously improving consumer sentiments

HMCL trades at 17.9x/14.5x FY23E/FY24E EPS. We maintain our BUY rating.

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