Solar Industries Q1 Results Review - Volatility Bottoming Out; Pinaka Order Awaited: ICICI Securities

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..ICICI Securities Report.Solar Industries India Ltd.’s Q1 FY24 Ebitda was up 14% YoY (down 9.6% QoQ) at Rs 3.2 billion. Key points:Explosives segment realisation declined, tracking ammonium nitrate prices;explosives volume was up 12.6% YoY, lower than the guidance of 15-20% mainly due to impact of unseasonal rains on housing and infra segment;defence revenue rose 148% YoY to a record Rs 1.5 billion; anddespite hyperinflation and forex related provisions of Rs 40 million, Ebitda margin was at 19.2%, slightly lower than the guidance of 20-22%. Going ahead, management expects volatility in commodity prices to have bottomed out, volume growth in H2 FY24 and sustained traction in defence business. We maintain 'Buy' on Solar Industries at an unchanged target price of Rs 4,700 on 40 times FY25E earnings per share..Click on the attachment to read the full report:.Bharat Electronics Q1 Results Review - Strong Performance On All Fronts : Yes Securities.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.

Solar Industries Q1 Results Review - Volatility Bottoming Out; Pinaka Order Awaited: ICICI Securities

Traction evident in (margin-accretive) defence business.

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