Mold-Tek Packaging (MTEP) reported numbers were an all round beat to our and consensus estimates owing to better than expected traction in demand from its key end-user industry Paints, Lubes and F&F;.

Mold-Tek Packaging's (MTEP) 3QFY21 performance was significantly ahead of our as well as consensus estimates. The company reported ~33% YoY revenue growth for 3QFY21, led by strong performance by the Paints division followed by F&F.; Volume growth for 3QFY21 and 9MFY21 stood at ~36% and ~1% YoY respectively. While the management indicated high single-digit revenue growth for FY21, it expects the Paints and F&F; divisions to grow at ~20% and >30% YoY, respectively in the next 2-3 years on the back of strong demand visibility for Paints, continued momentum in Q-Packs, recovery in Ice-creams portfolio and new business opportunities (Pumps, other...

Mold-Tek Packaging (MTEP) reported numbers were an all round beat to our and consensus estimates owing to better than expected traction in demand from across sectors like Paints, Lubes and F&F;.

Mold-Tek Packaging (MTEP) reported numbers beat all our estimates owing to better than expected traction in demand in June 2020 from across sectros like Paints, Lubes and F&F.; Net Sales at Rs.65cr down 44% YoY (Rs. 32cr our estim) as operations across segments were hit for month of April

Mold Tek Packaging Gradual recovery already set in Moldtek Packaging (MTEP) Q1 results were a surprise. While management had guided losses in Q1, company reported marginal profits of Rs 16m due to sharper than expected recovery (June cu at 42% v/s 35% expected earlier). Revenues de-grew 43.7% on back of 41%/4% decline in volume/realisation. EBITDA/kg fell 24% to Rs 24.5. EBITDAM contracted 450bps YoY to 13.9% largely due to lower fixed cost absorption. PAT decline was sharper at...

Mold-Tek Packagings (MTEP) 1QFY21 operational performance was better than our estimates. Edible oil, ghee packs & other dairy products witnessed good growth whereas the rest of the portfolio witnessed a sharp decline on account of the lockdown. 1QFY21 capacity utilization stood at 42%, while the management has highlighted that in July-20, MTEP has achieved ~70% capacity utilization. Revenue decline in F&F; was lower at ~28% YoY compared to other segments, leading to significant improvement in the revenue mix. As a result, gross margin expanded by ~170bps YoY. Within F&F;, while edible oil, ghee...

We are re-initiating coverage on Mold-Tek Packaging (MTEP), which is a leading player in rigid plastic packaging and is the only backward integrated In-mold Labeling (IML) player in India. Packaging is a commoditized business on account of lack of bargaining power at both supplier (mainly RIL) and clients' (industry leaders like HUL, Asian Paints, P&G; etc) end. However, pioneering IML with superior execution and consistent orders from marquee clients has enabled MTEP to stay ahead of the curve. Transformation from a polymer converter to an integrated IML player led to a stock rerating around 6 years back and we believe faster growth in F&F; can further re-rate the stock. F&F; contribution has increased from ~6% in FY16 to ~23% in FY20 & we expect it...

Mold-Tek Packaging Ltd (MTEP), one of leading manufacturers' and suppliers of high quality airtight and pilfer proof containers/pails in India for Paints, Lubricants, Food and FMCG. Given near term impact on account of lockdown due to spread of...

Mold-Tek Packaging (MTEP) Q3FY20 print was in-line with our estimates. However, on margin front it beat our estimates. Revenue growth at 2% was flat (dragged by lower RM prices) despite 8% volume growth (aided by new plants for Asian Paints 11% vols growth).

Mold-tek packaging Ltd.'s (MPL) Q3FY20 result was marred by overall demand slowdown. Further, decline in raw material prices were passed on to the clients, which dented net sales. Net sales stood at Rs1,007 mn (+2% YoY) driven by 8.2% YoY volume growth. EBITDA came in at Rs187 mn (+10.8% YoY). Softness in raw material prices supported EBITDA margin which expanded by 127bps YoY to 18.6%. The company reported...

MTEP reported lower topline growth primarily due to slowdown in paint industry. Revenues grew 5.0% YoY but de-grew 11.9% QoQ to Rs 1,007m. EBITDA stood at Rs 192m, up 11.2% YoY but lower 8.5% QoQ. Improvement in gross margins by 460bps YoY and 280bps QoQ due to benign crude prices, EBITDAM expanded 110bps YoY and 70bps QoQ to 19.1. EBITDA/kg was Rs 34.3. PAT grew marginally (1.9%) YoY but de-grew 16.2% QoQ to Rs 88m. EPS stood at Rs 3.2. Q3 Paint volumes stood at 2,894 tons up 12.4% YoY (due to additional volumes from Vizag & Mysuru) but de-grew 20.9% sequentially due to slowdown in the...

IML key growth driver: IML volumes/value contribution in Q2FY20 stood at 61%/65% resp. IML's healthy rise in volume/value contribution is led by robust F&F; segment growth of 41%/55% YoY in both volume/value terms. F&F; growth was driven by q-packs for Edible Oil packaging.

Legacy paints division and F&F; segment supports topline growth: Q1FY20 topline growth of 14% was driven by volume growth of 15% wherein IML & Non-IML volume share grew by 61%/39% respectively YoY.

IML revenues as a percentage of sales increased from 61.7% in Q1FY19 to 65% in Q1FY20 and volumes from 53.5% to 61% on back of manifold growth in F&F; business. In spite of sustained growth in F&F; we do not anticipate this mix to change in the near term due to incremental volumes from Vizag and Mysuru. In spite of increase in interest costs estimates we have revised our PAT estimates upwards by 3.8% for FY20E and 21E due to lower tax rate (28% versus 35% previously). We expect Revenue/EBITDA/Adj.PAT to grow at 18.8%/19.0%/20.5% CAGR to Rs 5,563m/Rs 1,018m/ Rs 517m in FY21E on back of 1) sustained growth...

IML revenues as a percentage of sales increased from 61.7% in Q1FY19 to 65% in Q1FY20 and volumes from 53.5% to 61% on back of manifold growth in F&F; business. In spite of sustained growth in F&F; we do not anticipate this mix to change in the near term due to incremental volumes from Vizag and Mysuru. In spite of increase in interest costs estimates we have revised our PAT estimates upwards by 3.8% for FY20E and 21E due to lower tax rate (28% versus 35% previously). We expect Revenue/EBITDA/Adj.PAT to grow at 18.8%/19.0%/20.5% CAGR to Rs 5,563m/Rs 1,018m/ Rs 517m in FY21E on back of 1) sustained growth...

Mold-Tek Packaging Ltd (MTEP), one of the leading manufacturers and suppliers of high quality airtight and pilfer proof containers/pails in India for Paints, Lubricants, Food and FMCG. MTEP's revenue grew by 12% CAGR whereas PAT grew by whopping 41% CAGR over FY13-FY18. EBITDA margin expanded by 830bps to 18.7% over FY13-18. Strong profitability growth was led by margin expansion on account of increasing share of in-mold volumes....

Mold-Tek Packaging (MTEP) in Q3FY19 posted consolidated revenues of Rs. 98.7 Cr. (16% YoY, 2%QoQ) led by mix of volume and pricing growth. Volumes growth was on account of growth in Edible Oil packaging, Food & FMCG (F&F;) and Paints segment. EBITDA during the quarter stood at Rs. 17Cr.

Mold-Tek Packaging (MTEP) delivered a mixed set of numbers for 3QFY19, but the forward commentary looks solid. Revenues grew 16% YoY to Rs987mn led by volume growth of 8%. Volume growth was mainly driven by food and FMCG (F&F;) and lubricant divisions whereas paint division continues to remain stable. EBITDA increased 11% YoY to Rs169mn, but margins declined 70bps to 17.1%. The company completed the construction at Mysuru (Asian Paints) plant and has planned the commercial opening on 7 February 2019. Vizag plant is 90% constructed and should start operations from the first week of March 2019. The share of IML in volume terms stood at 60% for the quarter as against 54%...

There has been a slight delay in commencement of production at the Mysuru plant from December end to Mid January. As of now supplies to Asian Paints are being met from the Hyderabad plant. The Vizag plant will go on stream by end of February. Hence both plants will begin to contribute to production March onwards. The company expects to clock in...

There has been a slight delay in commencement of production at the Mysuru plant from December end to Mid January. As of now supplies to Asian Paints are being met from the Hyderabad plant. The Vizag plant will go on stream by end of February. Hence both plants will begin to contribute to production March onwards. The company expects to clock in...