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Axis Securities Report
Navin Fluorine International Ltd. reported a muddled set of numbers. Companies Q4 revenue was up 21.6% YoY at 409 crore (against our estimate of 390 crore), but company reported lower than expected Ebitda of 94 crore (up 12% YoY) against our expectation of Rs 103 crore on account of higher than expected gross margin pressure.
Effectively, company posted 23% Ebitda margin which was down 300 basis points over last quarter (against our estimate 26.4%).
Navin Fluorine posted profit after tax of 75 crore which was up 16% YoY to (beating our estimate of 71 crore) on account of lower tax expense (20% versus estimate of 27%).
Although Q4 FY22 margins were weak, attributes such as the company’s healthy order book and new customer addition across segments, higher contribution from high- business, strong product pipeline, shall aid in its growth momentum.
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