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IDBI Capital Report
Surya Roshni Ltd.’s Q2 FY23 profitability was slightly weaker than expected. Nevertheless, its steel pipes segment Ebitda/tonne jumped 30% YoY to Rs 5,259 led by strong growth in added products (mainly API pipes).
Given the strong order backlog Ebitda/tonne of Rs 5,000 is likely to be sustained in coming quarters.
Lighting and consumer durables segment sales remained weak as it grew only 1% YoY to Rs 3.8 billion although segment Ebitda increased 12% YoY to Rs 310 million (Surya Roshni took multiple price hikes to mitigate inflationary pressure during the quarter).
Also, its net debt fell by Rs 0.7 billion in H1 FY23. Broadly, we maintain our FY23-24 forecasts.
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