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Nirmal Bang Report
Mold-Tek Packaging Ltd.'s Q4 FY22 operating performance came in a tad below our expectations on account of continued raw material inflation.
While Mold-Tek Packaging has been able to pass on the entire impact of input cost inflation (with one month's lag), pass-through impact of March 2022 will be seen in April 2022 and hence the earnings miss to an extent.
Overall volume grew by ~5% YoY wherein paints declined by 4% YoY on a strong base. Lubes and food and fast moving consumer goods volume grew by ~17% YoY and ~26% YoY, respectively.
Ebitda/kilogram for Q4 FY22 and FY22 stood at Rs 37.9 and Rs 41.3, respectively.
Management is internally aiming at Rs 45 Ebitda/kg for FY23 and has guided for volume growth of ~15-20% for FY23.
While pharma packaging from the IBM project should not contribute to FY23 revenue, over-the-counter products and three new product orders from major client(s) should drive profitable growth for Mold-Tek Packaging.
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