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Ratnamani Metals and Tubes - Q1FY21 Result Update - ICICI Securities

Posted On: 2020-08-12 09:13:43

Ratnamani Metals and Tubes (RMTL) reported a steady performance in Q1FY21 wherein the topline came in higher than our estimate while EBITDA came in marginally lower than our estimate. Ensuing PAT came in broadly in line with our estimate. For Q1FY21, net income from operations was at Rs. 578 crore (down 2% YoY, 8% QoQ), higher than our estimate of Rs. 517 crore. Carbon steel (CS) sales volume was at 58546 tonnes (up 25% YoY), higher than our estimate of 50750 tonnes. Stainless steel (SS) sales volume was at 4024 tonnes (down 12% YoY), lower than our estimate of 4550 tonnes. On account of higher sales volume of carbon steel business (relatively a lower margin business compared to stainless steel business), EBITDA margin came in lower than our estimate. EBITDA margin was at 12.7% (15.3% in Q4FY20, 17.5% in Q1FY20), lower than our estimate of 15.0%. EBITDA came in at Rs. 74 crore (down 29% YoY) vs. our estimate of Rs. 78 crore. PAT came in at Rs. 50 crore (down 21% YoY), broadly in line with our estimate of Rs. 52 crore.

Valuation & Outlook

Ratnamani reported a steady performance for Q1FY21. While in Q1FY21, the company's order book declined sequentially on account of Covid-19 related shutdowns, the same is likely to gain traction on account of gradual opening up of economy. We value the stock on 20x FY22E PE and arrive at a target price of Rs. 1320. We maintain our BUY rating on the stock.

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Shares of RATNAMANI METALS & TUBES LTD. was last trading in BSE at Rs.1135.5 as compared to the previous close of Rs. 1124. The total number of shares traded during the day was 4059 in over 289 trades.

The stock hit an intraday high of Rs. 1164.8 and intraday low of 1100. The net turnover during the day was Rs. 4560557.

Source: Equity Bulls

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