Mold-tek packaging's (MPL) Q1FY22 result was in-line with our estimates on key parameters. Statewide lockdown amid second wave of Covid-19 weighed on operations on a sequential basis; however, the company's performance over Q1FY21 was recommendable, primarily aided by better product mix. Net sales increased by 105% YoY to Rs1,337mn, while EBITDA came in at Rs253mn, higher by 177% YoY. The company reported net profit of Rs121mn, growth of 669% over Q1FY21. The company has added many new clients in Q1FY22 as well as has introduced higher margin QR coded IML products. MPL remains focused on capacity expansion, new product...