Q2FY22 results beat expectations, led by higher sales, price hikes and operating leverage benefits, partially mitigated by increased raw material prices. The management expects sales to be strong in the medium term, as it expects shortage of semiconductor chips to normalise by Q4FY22 end. Stock is trading below its historical average multiples at P/E multiple of 14.2x and EV/EBITDA multiple of 8.6x its FY2023 estimates. .
OutlookWe maintain a Buy on Mayur Uniquoters Limited (MUL) with an unchanged PT of Rs. 670, owing to positive business outlook and margin expansion.
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