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Dolat Capital Market’s analysis address on Asahi India Glass

Asahi India Bottle (AIS) printed an absorbing earning achievement in 2Q. EBITDA grew 13% YoY to Rs.1.2bn with broadcast allowance at 19.1% ( 235bps YoY) led by lower ammunition amount and amount ascendancy measures. EBIT allowance for Automotive bottle broadcast by 175bps YoY to 14.4% and for Architecture bottle by 314bps YoY to 17.3%. We apprehend the aggregation to be a key almsman of awakening in the aggregate of Automotive and Architectural bottle segments. Moreover, able absorption in aftermarket business will additionally aid profitability. In the Automotive bottle business, AIS would be the key almsman of uptick in aggregate of MSIL (current allotment of business from MSIL is aloft 90%). Architectural bottle business has additionally apparent able accretion from July onwards, benefiting from bargain acceptation in India from Asian countries. Additionally arty anti-dumping assignment for bright float glasses on Malaysia is absolute abnormally for architecture articles (accounts for 40% of revenue), which will advice to accretion in both appraisement and volume. As best of the capex has already been incurred (~Rs.12bn over FY18-20 appear 2.5mn windshield in automotive and accretion accommodation of Taloja plant), AIS is acceptable to accomplish able chargeless banknote breeze of ~Rs.13bn over FY21-23E (~18% of accepted EV) which would advice to accord debt. The aggregation is targeting to abate debt by Rs.2.5-3bn in FY21.

Outlook

We anticipation 125% CAGR in earning in FY21-23E, apprenticed by a 20% access in Revenue, 300bps allowance amplification and allowances from the abatement in absorption and tax. We amount the banal Rs.292 (based on 25x of FY23E EPS), and acclaim BUY.

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First Published on Nov 7, 2020 06:44 pm

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