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ICICI Securities Report
Solar Industries India Ltd. has delivered an in-line Ebitda print for Q3 FY21.
While standalone margins disappointed (gross margins down from 41% to 31% QoQ), strength in overseas business driven by a turnaround in Turkey operations helped.
Drop in standalone margins is on account of sharp inflation in commodity prices. Management expects the same to be passed on to customers in coming quarters.
Standalone revenues are flat YoY, key highlight being 27% YoY increase in housing and infra revenues.
Change in stewardship has clearly not affected the ability to execute opportunities in the segment.
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