Q4FY21 Result Update - Margin pressure building up but Working Capital improves substantially - REDUCE
Working Capital down to 20 days (from 95) CRIN reported mixed results with topline flat @ Rs28.5bn YoY (PLe 8% degrowth), but EBITDA declined 33% YoY @ Rs2.6bn (PLe Rs 3.6 bn) driven by RM cost inflation. The company became net cash due to robust cash generation led by healthy performance in FY21, higher inflow of subsidy (recd Rs50bn in FY) and lower working capital driven by 34-day decline in receivables. CP segment clocked healthy topline growth, but margins were under marginal stress due to pricing pressure from international...