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ICICI Securities Report
Tarsons Products Ltd. reported strong Q4 FY22 performance, ahead of our estimates on all fronts.
Revenue grew 26.2%/20.8% YoY/QoQ to Rs 849 million (our estimate: Rs 753 million) driven by strong growth in both domestic and export markets.
Ebitda margin improved 100/510 basis points YoY/QoQ to 52.2% (our estimate: 45.5%) led by operating leverage. Adjusted profit after tax grew 62.9% YoY to Rs 295 million (our estimate: Rs 218 million).
Tarsons commands industry leading Ebitda margin (~51% in FY21) supported by technical expertise and economic of scale.
We like the company for its strong domestic presence with favorable industry tailwinds, growing export opportunity and robust financials.
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