Flash PI Industries Ltd For Target Rs. 2,741 - Motilal Oswal
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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%.
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