Geojit's research report on Mold-Teck Packaging
Q1FY21 revenue & profitability declined by 44% & 86% on account of lockdown. Volumes from Food & FMCG segment was not impacted due to pent demand from FMCG sector. Starting from June, overall demand situation has improved drastically staring from June and expects revenue growth to normalise by H2FY21E. Revenue & profitability will be driven by capacity expansion, new products, higher in-mold sales, backward integration and rising share of FMCG in revenue mix will be margin accretive. Ramp-up of volumes from new plants and strong clients addition in FMCG segment will drive growth.
Outlook
We value MTEP at P/E of 23x on FY22E with a target price of Rs.331 and recommend to Buy .
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