Company Update : Galaxy Surfactants Ltd by Motilal Oswal Financial Services Ltd
Earnings above our estimate
* Consol. revenue grew by 28% YoY to INR13.3b (est. in line).
* Gross margins contracted 620bp YoY to 24.9%, while EBITDA margin stood at 9% (est 8.4%), down 120bp YoY.
* EBITDA grew 13% YoY to INR1.2b (est. INR1.1b).
* Adj. PAT grew 6% YoY to INR686m (est. INR646m; adjusted for the onetime impact of INR119m due to the labor law).
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