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Prabhudas Lilladher Report
Chemical companies in our coverage universe are expected to deliver QoQ Ebitda/profit after tax growth of 4%/8%, led by pickup in exports. However, we expect muted performance YoY given 13%/20% Ebitda/profit after tax decline led by weaker global demand environment and price correction (on lower input costs).
We expect companies with exposure to crop protection, like Jubilant Ingrevia Ltd. to witness margin pressure in its specialty chemicals vertical while companies like Fine Organic Industries Ltd., Nocil Ltd. and Laxmi Organic Industries Ltd. are expected to benefit from increased export volumes QoQ.
While gross margins are likely to remain stable for most, operating leverage benefits to kick in aiding Ebitda/profit after tax improvement for coverage companies.
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