Nilkamal Q3 Results Review – Positive Demand In B2B Business: IDBI Capital


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Nilkamal Ltd.’s Q3 FY23 result was broadly in-line with our estimates on all key parameters.

The quarter witnessed continued positive demand in business-to-business which enabled the company to register higher sales while the furniture business experienced challenges in terms of subdued consumer demand which the management expects to be a temporary phenomenon.

Net sales was marginally down by 0.3% YoY to Rs 7,543 million, while Ebitda came at Rs 764 million, higher by 3.1% YoY.

The company reported net profit of Rs 332 million, declined by 0.9% over Q3 FY22.

Nilkamal’s increasing focus on institutional business and ramping up of manufacturing operations shall help the company to achieve the growth trajectory.

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