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Rhim Quartely Result

Strong result

YoY Rev at 588cr vs 407cr⬆️44%

QoQ Rev at 589cr Vs 543cr⬆️8% 

FY Rev at 1995cr vs 1370cr ⬆️46%

YoY PAT at 99.8cr vs 42cr⬇️137%

QoQ PAT at 99.8cr Vs 76cr⬆️31%

FY PAT at 269cr vs 137Cr⬆️96%

Q4 EPS at 6.2 Rs vs 2.6 Rs

FY22 EPS at Rs. 16.7 vs 8.5

✓ OCF 27 Cr Vs. 165 Cr in YoY⬇️ Poor OCF due to poor realization of debtors. 

✓EBITDA margin: 24.7% Vs. 16% in YoY, EBITDA: INR 146 Cr Vs. 65.1 Cr in YoY up by 124%

✓ OPM: 38% Vs. 37% in YoY Vs. % in QoQ

✓ Current PE: 33, Forward PE: 23

✓ ROE: 18%, ROCE: 23%

✓ Debt/Equity: Virtually debt free

✓ Price to Sales: 4.92


✓ Strong Promoter holding around 70%, FIIS: 0.6%, DIIs: 9.1% etc. 

✓ Final dividend of Rs. 2.50 per Equity Share of Re. 1.00 each of the Company.

✓ RHI Magnesita India Ltd. is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass

✓ RHI Magnesita is a global leader in refractories with largest number of manufacturing locations around the world

✓ Strong entry barrier in their business due to the nature of business. 

View: Strong result and margin also improved in this quarter. Share high 675 and now 550 and its corrected around 20% from their peak. Current price is good to hold and any correction will be good opportunity to enter at lower rate.