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Systematix Research Report
KPR Mill Ltd. reported revenue growth of 30% YoY at Rs 14.5 billion, above our estimate of Rs 12.5 billion. Healthy performance across its yarn and fabrics (up 16% YoY) and sugar and ethanol (up 13% YoY) divisions drove the revenue growth.
The sharp rise in cotton prices led to 150 basis points YoY contraction in gross margin to 40.9%. Higher revenue led to 26% YoY rise in Ebitda to Rs 3.4 billion, versus our estimate of Rs 2.9 billion.
Ebitda margin contracted 75 bps YoY to 23.2% (estimate 23%) due to lower gross margin, which was partly offset by better operating efficiencies and tighter control over employee and other expenses.
KPR Mill's profit after tax increased 18% to Rs 2.2 billion and was above our estimate of Rs 1.9 billion.
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