News: BIL's standalone revenues rose 13.1% QoQ to Rs.2,050 crore with EBITDA margins declining ~291 bps QoQ to 25.4%. Consequent PAT came in at Rs.377 crore, up 14% QoQ buoyed by higher other income (up 70% QoQ to Rs.133 crore) largely driven by forex gains. BIL announced second interim dividend of Rs.4/share.
Views: Tonnage growth was at a healthy 6% QoQ to 72,748 MT and well above estimates. Margins disappointed amid sharp gross margin decline of 210 bps. The management has raised sales guidance from 2.5-2.65 lakh MTPA to 2.75-2.85 lakh MTPA sensing robust demand prospects. BIL would also refurbish old Waluj plant at capex outlay of Rs.350 crore post which expanded capacity would be at 3.6 lakh MTPA by end FY23
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