*Praj Industries Ltd.* | *CMP* Rs. 115 | *M Cap* Rs. 2094 Cr | *52 W H/L* 168/93
(Nirmal Bang Retail Research)
*Result is below expectations due to lower Gross Margins*
Revenue from Operations came at Rs. 294.1 Cr (39% QoQ, 17.2% YoY) vs expectation of Rs. 274 Cr, QoQ Rs. 211.6 Cr, YoY Rs. 251 Cr
Gross Profit Margins came at 44.2% vs QoQ 54.7%, YoY 47.2%
EBIDTA came at Rs. 16.1 Cr (152% QoQ, -5.3% YoY) vs expectation of Rs. 18.6 Cr, QoQ Rs. 6.4 Cr, YoY Rs. 16.9 Cr
EBITDA Margin came at 5.5% vs expectation of 6.8%, QoQ 3%, YoY 6.7%
Adj. PAT came at Rs. 16.1 Cr vs expectation of Rs. 13.6 Cr, QoQ Rs. 8.8 Cr, YoY Rs. 8.9 Cr
Quarter EPS is Rs. 0.9
Share is trading at P/E of 18.7x FY21E EPS