NRB's Q4 performance was a beat on our estimates on all parameters. The company posted strong topline growth as well as improvement in margin spreads despite the recent commodity inflation. Revenue for the quarter came in at Rs. 257.2 crore, up 37.2% YoY, 5.1% QoQ (vs. I-direct estimate of Rs. 230.1 crore). With this, the company exited FY21 with a decline of merely 1.7% in revenues despite a washout H1. The key surprise to us was gross margins, which improved 380 bps YoY, 86 bps QoQ. Employee cost increased 13.7% YoY whereas other expenses increased 24.3% YoY. Q4 EBIDTA margins were at 18.2% vs. 8.2% YoY, 17.6% QoQ (I-direct estimate at 15%). Absolute EBIDTA came in at Rs. 46.8 crore, up 203% YoY, 8% QoQ (vs. I-direct estimate at Rs. 34.5 crore). Ensuing PAT came in at Rs. 34.6 crore vs. Rs. 4.2 crore in Q4FY20 (I-direct estimate Rs. 17.3 crore). Tax rate for the quarter was at 11.9%.
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Shares of NRB BEARINGS LTD. was last trading in BSE at Rs.130 as compared to the previous close of Rs. 129.5. The total number of shares traded during the day was 80359 in over 1618 trades.
The stock hit an intraday high of Rs. 134.7 and intraday low of 127.7. The net turnover during the day was Rs. 10562043.