Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Mold-Tek Packaging</h2>
<h3>On a solid footing</h3>
<p>Mold-Tek Packaging’s (MTEP) 4QFY21 revenue performance was significantly ahead of our estimates wherein all the 3 segments namely, paints, lubes and Food &amp; FMCG (F&amp;F) contributed to the growth. Revenue grew by ~51% whereas volume growth was 30% YoY. This was the highest quarterly revenue growth by MTEP in last 9 financial years. EBITDA/kg in 4QFY21 at Rs42 (up ~36% YoY and ~15% QoQ) was significantly higher on account of increased F&amp;F…</p>

<p>3QFY21 Result Update</p>
<h2>Mold-Tek Packaging</h2>
<h3>Future looks promising</h3>
<p>Mold-Tek Packaging’s (MTEP) 3QFY21 performance was significantly ahead of our as well as consensus estimates. The company reported ~33% YoY revenue growth for 3QFY21, led by strong performance by the Paints division followed by F&amp;F. Volume growth for 3QFY21 and 9MFY21 stood at ~36% and ~1% YoY respectively. While the management indicated high single-digit revenue growth for FY21, it expects the Paints and F&amp;F divisions to grow at…</p>

<p>Company Update</p>
<h2>Mold-Tek Packaging</h2>
<h3>Moulding a better future  </h3>
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<li> We believe that F&amp;F pick-up, new launches and ramp-up in Mysore and Vizag capacities (paints division) will improve overall revenue/kg from Rs169 (FY21 estimate) to Rs193 in FY23. Ongoing improvement in product mix along with a strong thrust on cost management can increase blended EBITDA/kg to Rs38 in FY23. We are building in ~13% EBITDA CAGR over FY20-23E (~25% over FY21-23E).</li>
<li>The recent rights issue would strengthen MTEP’s B/S…</li>
</ul>

<p>2QFY21 Result Update</p>
<h2>Mold-Tek Packaging</h2>
<h3>Better than expected recovery in Paints and Lubes</h3>
<p>Mold-Tek Packaging’s (MTEP) 2QFY21 performance was significantly ahead of our and consensus estimates. The company reported ~4% YoY revenue growth as against our expectation of ~20% YoY decline. Volume grew by ~13% YoY wherein the IML segment (62.4% of volume in 2QFY21) grew by ~15% YoY. While the performance of F&amp;F came in line with expectation, strong recovery in Paints and Lubes division led to the…</p>

<p>1QFY21 Result Update</p>
<h2>Mold-Tek Packaging</h2>
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<p><strong>Early signs of recovery</strong></p>
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<p>Mold-Tek Packaging’s (MTEP) 1QFY21 operational performance was better than our estimates. Edible oil, ghee packs &amp; other dairy products witnessed good growth whereas the rest of the portfolio witnessed a sharp decline on account of the lockdown. 1QFY21 capacity utilization stood at 42%, while the management has highlighted that in July-20, MTEP has achieved ~70% capacity utilization. Revenue decline in F&amp;F was lower at ~28%…</p>
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India

Mold-Tek Packaging Ltd. manufactures plastic packaging products.  The Company manufactures bottles for pharmaceuticals and cosmetics; child-resistant caps; flip-top tablet packs; blow-molded shampoo and medicine packs; and injection-molded pails for lubricants, chemicals, paint, ink, adhesives and bulk drugs.

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