*MNCL Research - Vesuvius India Q4CY24 results first cut: Beats estimates; Solid Revenue growth* *_CMP: Rs4045; TP: Rs5900 (under revision); Rating: BUY_* *Revenue:* Rs5.1bn, +22% y/y; +15% q/q; vs. MNCL est. of Rs4.6bn; Despite weak steel production growth in 4QCY24, revenue (sales volume) growth remains strong. CY24: Rs18.7bn; +16.6% y/y. *EBITDA:* Rs819mn, +2.4% y/y; +4% q/q; CY24: Rs3.5bn; +21% y/y; *Margins:* 16.1% (-309bps y/y and -166bps q/q) have moderated largely due to rise in RM cost. CY24: 18.6%; +70bps y/y *Adj. PAT:* Rs599mn; +5% y/y; 12.2% q/q supported by low effective tax rate. CY24: Rs2.5bn; +17% y/y *Balance Sheet:* Capex in CY24: Rs2.3bn as guided; Net cash as of 31st Dec'24: Rs4.8bn; CFO/EBITDA - 70% in CY24. *Stock Split:* 1:10; record date yet to be announced subject to shareholders approval. *Our View:* Vesuvius has reported strong growth on revenues supported by surge in sales volume, which we expect to be driven by new steel capacities, restart of RINL steel plant and pickup in sales of mould flux powder which was commissioned in 2QCY24. However, the moderation in margins is largely due to RM cost pressure (high alumina cost) and we expect this to reverse after 1-2 quarters (price pass on/ impact of low spot price). We remain positive on long term prospects of Vesuvius due to aggressive expansion plans, addition of new products and its technology leadership in flow control refractories. At CMP of Rs4045, Stock trades at an attractive valuation of 29x/ 25x CY25/ CY26E PE. Re-iterate BUY. Regards, Sahil Sanghvi | Smit Shah @ Monarch Networth Capital Ltd.