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PAN/OX spread during the quarter. Revenue grew by 14% YoY to INR 3148mn mainly driven by better realization due to short supply during Q3 as there is a healthy demand in the Paints and Plasticizers industry. EBITDA surged by 4.6x YoY to INR 963mn (est INR 962mn) with 2438bps YoY expansion in margin from 6.2% in Q3FY20 to 30.6% in Q3FY21 (est. 27.7%). This was mainly due to...
Royal Enfield's (RE) Q3FY21 consolidated revenue was broadly in-line with our and consensus estimates whereas EBITDA was below our and consensus estimates on account of higher operating expenses. We believe positive macro factors, vaccination program in place, more cities opening up are improving sentiments for good retail demand. We expect domestic 2W industry to see a double digit growth for FY22 on a low base. We build our volume growth estimates for FY22/FY23 to +21%/+13% factoring the strong recovery in 2W domestic market. We expect revenue/EBITDA/ earnings to grow at 9%/6%/10% respectively CAGR over FY20-FY23E with EBITDA...
MRF delivered Q3FY21 revenue as per projections but above-expected gross margins led to a beat on both EBITDA (+58% YoY to Rs 9.6bn) and operating margins (21.1% vs. 16.2% estimated).
Hero MotoCorp (HMCL) Q3FY21 result was above our and consensus estimates on all parameters. Revenue was higher than our and consensus estimates mainly on account of higher realization, favorable product mix and higher spare part revenue. We believe positive macro factors, vaccination program in place, more cities opening up are improving sentiments for good retail demand. We expect domestic 2W industry to see a double growth for FY22 on a low base. We do not expect any significant improvement in export sales for HMCL and wait for turnaround. We build our volume growth estimates for FY21/FY22/FY23 by -10%/+15%/+12% factoring the strong recovery in 2W...
