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IDBI Capital Report
Safari Industries Ltd. reported better than expected Q4 FY21 result.
Its sales/ Ebitda were 13%/44% above our estimates.
The company's net sales fell by 7.2% YoY to Rs 1,329 million amid weakness in travel and tourism.
Nevertheless, Ebitda improved 2.6% YoY to Rs 134 million as operating expenses fell 8.2% YoY.
Interest cost fell 69.1% YoY to Rs 7 million. Hence, net profit increased by 32.9% YoY to Rs 63 million.
We have cut our FY23 sales/Ebitda estimate by 27%/75% as we anticipate the second wave of Covid-19 to affect H1 FY22 sales severely.
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