External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Galaxy Surfactants Ltd / Equity Bottom-Up

<div><ul><li>Inventory gain and improvement in product mix aids margin - <span style="font-size: var(--content-font-size);">GALSURF reported a beat on our 4QFY22 estimates, with EBITDA (INR/kg) at INR25.2 (98% higher than our estimate, +35% YoY) on inventory gains, new contract terms, and improvement in the product mix.</span></li></ul><div><ul><li>Margin rebounds sharply; revenue marginally above our estimate - <span style="font-size: var(--content-font-size);">Revenue stood at INR10.5b (up 34% YoY and 13% QoQ).</span></li></ul><div><ul><li>Valuation and view – maintain Buy - <span style="font-size: var(--content-font-size);">In FY22, realization stood at INR157/kg, with gross margin at INR46.8/kg (+10% YoY) and EBITDA/kg at INR17.1 (down 10% from INR19/kg in FY21).</span></li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Inventory gain and improvement in product mix aids margin - GALSURF reported a beat on our 4QFY22 estimates, with EBITDA (INR/kg) at INR25.2 (98% higher than our estimate, +35% YoY) on inventory gains, new contract terms, and improvement in the product mix.Margin rebounds sharply; revenue marginally above our estimate - Revenue stood at INR10.5b (up 34% YoY and 13% QoQ).Valuation and view – maintain Buy - In FY22, realization stood at INR157/kg, with gross margin at INR46.8/kg (+10% YoY) and EBITDA/kg at INR17.1 (down 10% from INR19/kg in FY21).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4QFY22 Results Update  - Galaxy Surfactants