Mold-tek packaging's (MPL) Q4FY21 result was better than our estimates on key parameters. Strong sales volume growth and higher NSR (on account of increased raw material prices) supported net sales, while higher share of IML products in total volume led to EBITDA margin expansion. Net sales increased by 51.2% YoY to Rs1,610mn, while EBITDA came in at Rs320mn, higher by 75% YoY. The company reported net profit of Rs181mn, growth of 106.1% over Q4FY20. The management remained confident to keep the earnings growth momentum once pandemic situation comes under control. Second wave of Covid-19 has dented product off-take owing to statewide lockdown,...