In today’s briefing:
- La Opala RG – Positive Demand Outlook; Bright Prospects for Borosilicate
- Siemens – Robust Topline Growth
- V-Guard Industries – Expects ECD Segment Margin to Improve Gradually
La Opala RG – Positive Demand Outlook; Bright Prospects for Borosilicate
- Strong underlying demand, shift towards premium range and rising salience of e- commerce:
4QFY22 revenue was well above pre-covid level and similar momentum has continued in 1QFY23, led by growth across channels
- LOG has an edge in Borosilicate despite being a late entrant: Borosilicate capacity is expected to be commissioned in 2HFY24 and should start contributing to revenue meaningfully from FY25 (peak revenue potential of Rs1.25bn).
- Revamping distribution strategy: Appointment of dedicated persons to lead the channels has led to improvement overall total distribution reach (19,000 outlets compared to 14,000 a couple of years ago) as well as its quality.
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Siemens – Robust Topline Growth
- Q2FY22 highlights: Revenue: INR 36.3bn (+8.2%/+12% YoY/QoQ, 8.3% miss) driven largely by the digital industries (DI), energy (SE), mobility (MO) and smart infra (SI).
- All segments other than mobility recorded sequential growth with SE/ SI/DI/portfolio companies/others recording sequential growth of 9.8%/21%/- 10%/11%/18%80% respectively.
- EBITDA: INR 4.5bn (+0.9%/+34.2% YoY/QoQ, 0.6% miss). EBITDA margin: 12.3%(-88/+203bps YoY/QoQ) vs. estimate of 11.3%.
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V-Guard Industries – Expects ECD Segment Margin to Improve Gradually
- The management highlighted that VIL has a strong brand equity, vast established distribution and good brand recall in South India.
- VIL also uses South markets for incubating new categories.
- It highlighted that it is working on expanding distribution and improving brand awareness in the Non-South region
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