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N R Agarwal Industries Ltd.    
15 Nov 2018

Q2FY19 Result Update

Prabhudas Lilladhar
NR Agarwal Value growth across all segments NR Agarwal (NRAI) continues to report good top line growth driven by 11.1% value growth YoY and 6.9% QoQ. Revenues at Rs 3,196m were up 17.6% YoY but declined 7.5% QoQ. (Q1 and Q4 being seasonally the best quarters, sequential comparisons would be misleading). Gross margins expanded by 300bps YoY and 210 bps QoQ on back of higher realizations (up by 11.1% YoY and 6.9% QoQ) as well as benign raw material prices. EBITDAM slipped 60 bps QoQ to 15.5% due to lower operating leverage (up ~380bps YoY). PAT increased by...
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