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ICICI Securities Report
Asahi India Glass Ltd. Q2 FY21 operating numbers were a beat on all fronts as Ebitda margin came in at 19.6% (up 193 basis points) while revenues came in at Rs 6.2 billion (down just 1% YoY).
We remain positive on the stock due to -
1. strong recovery in auto segment expected in FY22 (expect 15-20% original equipment manufacturer volume growth);
2. faster growth in architectural segment on the back of robust domestic and increased curbs on imports;
3. leaner fixed-cost structure aided by structural measures, and
4. continued benefits of lower gas costs.
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