Solar Industries India Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 25331.33 Crore) operating in Chemicals sector.
Solar Industries India Ltd. key Products/Revenue Segments include Explosives (Industrial) and Other Operating Revenue for the year ending 31-Mar-2022.
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 1624.22 Crore, up 23.27 % from last quarter Total Income of Rs 1317.62 Crore and up 96.63 % from last year same quarter Total Income of Rs 826.03 Crore. Company reported net profit after tax of Rs 182.65 Crore in latest quarter.
Investment Rationale
Solar Industries’ (SOIL) reported earnings surprised on the back of better-than- expected overseas/exports business performance. Standalone volumes increased ~13% YoY and PAT rose 14% YoY. Standalone gross margin/te was flat YoY – a commendable performance in an inflationary environment. Consolidated PAT jumped 76% YoY due to an extremely strong volume and margin performance of export/overseas business. Q1FY23 orderbook position as of Q1FY23 was Rs38.43bn (up 29% QoQ and 125% YoY – presumably RM inflation played a major part in ballooning the orderbook). Net debt has reduced to Rs6.95bn vs Rs7.83bn in FY22-end. SOIL incurred capex of Rs0.84bn in Q1FY23. The brokerage maintains HOLD with an unchanged target price of Rs2,900.
Promoter/FII Holdings
Promoters held 73.15 per cent stake in the company as of 30-Jun-2022, while FIIs owned 6.63 per cent, DIIs 14.73 per cent.
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