News: Vesuvius reported strong set of Q1CY24 results across all parameters. Revenue grew by 24% YoY and 10% QoQ at Rs 453 crore. Better product mix and flat raw material expenses led to higher gross margins at 45.6% in Q1CY24 vs. 42% YoY and 45% QoQ. EBITDA margins came in at 21% vs. 15% YoU and 19% QoQ. Strong operational performance led to PAT coming in at Rs 69 crore up 21% QoQ and 60% YoY.
Views: Vesuvius have been consistently sustain the growth across all parameters over the last many quarters on back of improving product mix and price hikes. going ahead with capex already coming in phases and total outlay increased from Rs 500 to Rs 1000 crore, we believe Vesuvius is an exciting play on the steel capex cycle in India over the next 3-5 years.
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