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    MSTC: Transformational journey from being a trading company into an E-commerce player

    Recovery in E-auction revenues is the key monitorable for MSTC

    Nandish Shah
    November 19, 2020 / 03:00 PM IST
    MSTC: Transformational journey from being a trading company into an E-commerce player

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    MSTC, a government-owned entity (65 percent stake) (CMP: Rs 146, Market capitalization: Rs 1,031crore), is a category 1 Mini Ratna public sector undertaking. The results for the September 2020 quarter improved on the back of higher e-commerce activity. The management has guided for 10 percent revenue growth in the E-commerce segment going forward. However, once economic activity picks-up, we expect the growth rate to be higher. September 2020 quarter results analysis Revenues for the September quarter declined by 46 percent quarter...

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