BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Tarsons Products Ltd.'s Q1 FY23 performance was below our expectations on all fronts. Revenues were flat YoY (down 19.2% QoQ) at Rs 686 million on a high Covid-led base (our estimate: Rs 753 million).
Ebitda margin declined 760/680 bps YoY/QoQ to 45.4% (our estimate: 50.4%) due to inflationary cost pressures and higher promotional expenses.
Adjusted profit after tax declined 17.7% YoY to Rs 203 million (our estimate: Rs 263 million).
Tarsons commands industry-leading Ebitda margin (~51% in FY22) supported by technical expertise and economies of scale. We like the company for its strong domestic presence with favorable industry tailwinds, growing export opportunity and robust financials.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
