Nocil Q4 Review - In-Line Performance; Utilization Ramp-Up To Drive Earnings: Axis Securities

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Axis Securities Report

Q4 FY21 performance of Nocil Ltd. was largely in line with our top line and Ebitda estimates while it was a 39% beat versus our profit after tax estimates.

Revenues for Q4 FY21 were up 51%/17% YoY/QoQ, aided by a healthy volume performance on account of month-on-month improvement in production levels since June 2020.

For Q4 FY21, reported revenue/Ebitda/profit after tax came in at Rs 322 crore/52 crore/37 crore which grew by 51%/43%/71% YoY respectively.

In Q4 FY21, gross margins came in at 44.2%, thus improving sequentially by 71 basis points in the backdrop of improving realization trends.

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