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ICICI Direct Report
Huhtamaki India Ltd.'s Q4 CY21 performance was severally hit by a sharp rise in raw material costs and delay in taking price hikes. Gross margins declined ~683 basis points YoY, mainly due to a sharp rise in raw material costs dragging down Ebitda margins by 473 bps YoY to 1.6%.
On the topline front, revenues increased ~19% YoY to ~Rs 662 crore helped by a lower base. On a QoQ basis, revenues were down by ~1%. We believe lower revenue growth is attributable to pandemic led disruptions like unavailability of containers (hit export business), logistic issues and lower volume offtake of economic packaging products.
Huhtamaki India reported a net loss of ~Rs 23 crore during Q4 CY21 versus, a net profit of Rs 5 crore in the base period.
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