EBITDA/PBT grew 28%/21% YoY to Rs932mn/Rs76mn.
This was driven by (i) 14% YoY revenue growth to Rs6.2bn led by ~8% volume growth and favourable product mix; and (ii) 310bps/220bps YoY/QoQ GM improvement to 56.3% due to benign RM prices, premiumization and price increase in some categories.
Valuation and View: 15% sales CAGR over FY19-22 seems reasonable.
Ability to drive volumes through broadening distribution and expansion of premium portfolio via Sparx, Flite and Bahamas.
Valuations of 43x/35x FY21are attractive given ~18% RoCE and best-in-class volume growth.
Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.
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