Mold-Tek Packaging Ltd. share price target

Mold-Tek Packaging (MTPL) in Q1FY19 posted consolidated revenues of Rs. 102 Cr. (up 16%/8%; YoY/QoQ basis) due to value growth led by a favourable product mix change in favour of high margin F&F; segment. EBITDA during the quarter stood at Rs. 18 Cr up 13%/8% on a YoY/QoQ basis respectively.

We initiate coverage on Mold-tek packaging Ltd. (MPL) with a BUY rating and price target of Rs 377 based on PE of 22x at FY20E EPS of Rs 17.1. We believe 1) leadership in IML manufacturing 2) complete in-house backward integrated operations 3) foray in high margin Food and FMCG segment 4) capacity expansion would be key growth catalysts for MPL. We expect MPL to clock Net Sales/EBITDA/PAT CAGR of...

MTPL Q1FY19 PAT was in-line with estimates, but EBITDA was above estimates, due to higher realisation. Despite the increase in raw materials costs, margin during the quarter remained flat QoQ, backed by higher IML sales and higher realisation. MTPL is on its way of sustainable growth story, backed by capacity addition at Mysuru, Vizag, greenfield plant at Hyderabad...

Mold-Tek Packaging's Consolidated Revenue and Net profit increased at 3.4% and 8.4% respectively on yoy basis. The company reported subdued quarter due to lacklustre demand mainly from paint and lubricant segments on account of GST transition. However, revenue from Food and FMCG segment remained strong with addition of new products and clients.

Mold-Tek Packaging (MTPL) in 1QFY18 posted consolidated revenues of Rs. 90 Cr. (up 8% Y-o-Y, up 9% Q-o-Q)due to increased contribution from Food and FMCG segment and huge growth in RAK plant sales however GST impacted paints and lubes volumes due to destocking.

Mold-Tek Packaging's Revenue and Net profit increased by 10.4% and 1.2% respectively on YoY basis. The company reported a sub-par quarter due to subdued demand mainly from paint and lubricant segments on account of GST transition.

Mold-Tek Packaging (MTPL) in 4QFY17 posted revenues of Rs. 81 Cr. (up 16% Y-o-Y, up 20% Q-o-Q) due to demand restoring back post demonetization and increased contribution from Food & FMCG segment.

Mold-Tek Packaging (MTPL) in 3QFY17 posted revenues of Rs. 68 Cr. (up 0.1% Y-o-Y, down 10.7% Q-o-Q) due to demonetization impact in paints and lube sector and PAT of Rs 5.6 Cr (down 9.2% YoY, down 15.6% Q-o-Q) impacted due to commencement of operations at RAK subsidiary leading to increase in emplo..