Manpasand Beverages Ltd.

NSE: MANPASAND | BSE: 539207 | ISIN: INE122R01018 | Industry: Other Food & Beverages
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Motilal Oswal
MANB's 3QFY18 revenue increased 39.7% YoY on a like-to-like basis (after netting off excise of INR37m from revenue of 3QFY17) to INR1,431m (est. of INR1,393m). EBITDA margin shrunk 130bp YoY to 18.7% (est. of 18%) in 3QFY18, led by an increase in raw materials cost (+250bp to 60.8% of net sales). However, other expense and employee cost declined 60bp and 40bp YoY to 16.3% and 4.3%, respectively. EBITDA grew 30% YoY to INR267m (est. of INR251m) in 3QFY18. Accordingly, adj. PAT grew 65.5% YoY from INR72m to INR120m (est. of INR103m).
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