- 25 Jul 2022
- ICICIdirect Research
Navin Fluorine reported Q1FY23 numbersNAVINFLUOR - 4242 Change: -21.75 (-0.51 %)
News: Navin Fluorine reported top-line growth of 21.7% YoY to Rs397.5 crores against our expectations of Rs424.2 crores, led by strong growth from specialty chemicals and High Performance Project (Inorganic Fluorides & Refrigerants). The revenue from speciality chemical increased by 32 % YoY to Rs176 crores, while the same from HPP stood at Rs152 crores (up 32 % YoY). On the other side, the revenue from CRAMS was down by 12% YoY to Rs59 crores. OPM for the quarter increased by 110 bps YoY to 24.9% resulting into EBITDA growth of 27% YoY to Rs99.1 crores against our estimates of Rs101.9 crores. The expansion in operational performance is on account of lower other cost. PAT increased by 33% YoY to Rs74.5 crores against our estimates of Rs76 crores.
Views: The lower growth from CRAMS during the quarter was surprising. We expect this could be owing to some shipment related challenges for particular large molecule order, which should carry forward in the upcoming quarter. However this needs to be clarified during today‘s concall. Our thesis remain in take for future growth from high value business likely to sustain.