Everest Kanto Cylinder Q1 Review - Weak End Markets Mutes Performance: IDBI Capital

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..IDBI Capital Report.Everest Kanto Cylinders Ltd.’s Q1 FY23 result was lower than our expectations. Its sales were below our estimate due to slower-than-expected offtake of compressed natural gas cylinders from the original equipment manufacturers. Although sales grew by 13% YoY, it fell by 20% QoQ to Rs 3,805 million (our estimate Rs 4.9 billion). Ebitda stood at Rs 605 million (down 36% QoQ, down 32% YoY). Everest Kanto Cylinders' Ebitda margin fell by 1,055 bps YoY to 16% on account of high cost inventories and sharp increase in other expenses. Net profit fell by 44% YoY at Rs 387 million. Recently, sharp rise in CNG prices has led to slowdown in end markets (CNG car sales). Hence, we lower our FY23/24 sales forecasts by 12%/9%..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Everest Kanto Cylinder Q1 Review - Weak End Markets Mutes Performance: IDBI Capital

Everest Kanto Cylinder Q1 Review - Weak End Markets Mutes Performance: IDBI Capital

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