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Shankara Building Products – strong growth on benign base; albeit still below pre-Covid

News: Shankara Building Products reported a resilient set of numbers led by better margins and earnings. The revenues were up 24% YoY to Rs.605.7 crore (retail division (~58% of the revenues) was up 24.5% YoY and Channel & Enterprise segment revenues was up by 23.6% YoY). The company reported EBITDA at Rs.20.8 crore, up 12.2% YoY (margins of 3.4%, down 40 bps) while PAT was Rs.9 crore, up 43% YoY.

Views: The topline and margins remained below pre-Covid levels. Robust YoY performance on benign base (~23% decline in Q2FY21) is positive but management commentary on sustainability will be key.