Mold-tek packaging's (MPL) Q3FY21 result was ahead of our and consensus estimates on all parameters. The company continued its healthy sales volume momentum which supported net sales growth. Cost optimization measures led to EBITDA margin expansion, despite increase in raw material cost. Net sales increased by 32.6% YoY to Rs1,335mn, while EBITDA came in at Rs277mn, higher by 48.1% YoY. The company reported net profit of Rs150mn, growth of 69% over Q3FY20. Positive management commentary on volume driven sales growth, widening product portfolio and foray in northern market paves the way for sustainable future earnings growth. To factor in a...