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ICICI Direct Report
Shaily Engineering Plastics Ltd. posted strong revenue growth, crossing pre-Covid-19 levels.
Strong topline growth in Q1 FY22 is attributable to ramp up of new products (toys, carbon steel products).
The plant utilisation was at 59% in Q1 FY22. The management expects a further increase in plant utilisation led by order execution in toy, healthcare and home furnishing segments.
Gross margin was down ~110 basis points YoY, mainly due to a delay in passing on of raw material prices.
However, Ebitda margins increased to ~16% in Q1 FY22 versus 7.3% in Q1 FY21.
Shaily Engineering Plastics' management has further guided at passing on of raw material price in coming quarters, which will help in a recovery in gross margins.
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