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ICICI Direct Report
Despite various challenges, FY22 was a landmark year for Faze Three Ltd. as it reported its highest ever revenues (Rs 500 crore).
For FY22, out of total revenue growth of 56%, volume growth was 45% and the rest was contributed by higher prices due to general inflationary trend.
China plus one strategy adopted by global retailers and increased work from home practice adopted by major companies globally has further accentuated the demand for products of Faze Three in FY22.
The company’s utilisation rates got enhanced significantly from 65% in FY21 to 95% plus in FY22E.
The company indicated there was huge unfulfilled demand within the existing customer base and it could not service the same owing to capacity constraints.
Ebitda margins improved 100 bps YoY to 15.8% (one of its highest margins).
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