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.
Reliance Securities Report
MOIL Ltd.’s Q4 FY22 revenues at Rs 4.68 billion was largely in line with our estimate of Rs 4.67 billion, up 3.9% YoY and 28.8% QoQ.
Manganese ore sales volume at 379,000 tonnes was in-line with our estimate as the company had shared its operational update at the end of FY22.
Manganese ore realisation at Rs 11,104/tonne fell 9% YoY, but was up 3% QoQ and was marginally lower (Rs 219) than our estimate of Rs 11,323/tonne.
However, Ebitda at Rs 2.14 billion increased sharply by 37.3% YoY and 31.6% QoQ and was significantly ahead than our estimate of Rs 1.63 billion, while margins at 45.7% was 890 bps also higher than estimate.
MOIL's Ebitda was partly aided by lower employee costs which fell 11% YoY and 7% QoQ to Rs 1.03 billion.
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