IGI Logo

In-line revenue; EBITDA and PAT below est. due to lower GM

* Reported revenue was up 40% YoY to INR12b (est. INR11.9b) in 4QFY21.

* EBITDA was up 22% YoY to INR2.3b (est. INR2.8b).

* EBITDA margins contracted 280bp YoY to 19% (est. 23.9%) on gross margin contraction; gross margins came in at 42.1% (-470bp YoY), employees at 9.2% (-190bp), and other expenses at 14% (flat YoY).

* Adj PAT grew 62% YoY to INR1,798m (est. INR2,172m), aided by higher other income (+550% YoY to INR442m) and a lower tax rate (19.1% v/s 22.2% last year).

* FY21 revenue/EBITDA/PAT grew 36%/41%/62%.

To Read Complete Report & Disclaimer Click Here

For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412

Above views are of the author and not of the website kindly read disclaimer