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We believe that food and fast moving consumer goods pick-up, new launches and ramp-up in Mysore and Vizag capacities (paints division) will improve overall revenue/kilogram from Rs 169 (FY21 estimate) to Rs 193 in FY23.
Ongoing improvement in product mix along with a strong thrust on cost management can increase blended Ebitda/kg to Rs 38 in FY23.
We are building in approximately 13% Ebitda compound annual growth rate over FY20-23E (~25% over FY21-23E).
The recent rights issue would strengthen Mold Tek Packaging Ltd.’s balance sheet significantly in our view.
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