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Anand Rathi Report
Internationally and domestically, in Q3 FY22 GMM Pfaudler Ltd.'s (consolidated) business momentum was good.
The strong revenue thrust continued in the standalone business (Rs 2.1 billion, up 26% YoY, in line), which, though, was hit by a lower margin (18.1%).
Higher raw material and gas prices, and expenditure at the new facilities curbed profitability in India. The international business profitability was unaffected due to higher service revenue (45%), faster turnaround in the Europe and China operations, cost controls and better negotiations with suppliers.
GMM Pfaudler's orders and the order book hit record highs, propelled by greater demand across regions. We expect the robust execution to continue; however, cost headwinds would persist.
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