*MSTC Ltd.* | *CMP* Rs. 391 | *M Cap* Rs. 2753 Cr | *52 W H/L* 542/142
(Nirmal Bang Retail Research)
*Result has improved* for the E-Commerce segment
Revenue from Operations came at Rs. 227.7 Cr (-13.6% QoQ, 8.7% YoY) vs QoQ Rs. 263.7 Cr, YoY Rs. 209.5 Cr
• E-Commerce revenue came at Rs. 65.2 Cr vs QoQ Rs. 59.1 Cr & YoY Rs. 56 Cr
EBIDTA came at Rs. 46 Cr (-16.6% QoQ, -4.7% YoY) vs QoQ Rs. 55.2 Cr, YoY Rs. 48.3 Cr
EBITDA Margin came at 20.2% vs QoQ 20.9%, YoY 23.1%
• E-Commerce PBIT came at Rs. 63.8 Cr vs QoQ Rs. 58.7 Cr & YoY Rs. 55.0Cr
Adj. PAT came at Rs. 28.3 Cr vs QoQ Rs. 33.6 Cr, YoY Rs. 28.8 Cr
Quarter EPS is Rs. 4
Share is trading at P/E of 18.5x TTM EPS
Note: Board has given its consent for disinvestment of 100% equity in Ferro Scrap Nigam Limited (“FSNL”) - a 100% subsidiary, through Strategic Sale along with transfer of management control. _With PAT of Rs. 22.8 Cr in FY21, we expect MSTC to realize value of around Rs. 150-200 Cr (6% of current market cap)._