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ICICI Securities Report
Rossari Biotech Ltd.’s Q4 FY22 standalone Ebitda dipped 20% YoY to Rs 275 million, and standalone home-personal care and performance chemicals revenues fell 13% QoQ – which were unimpressive.
However, the performance of acquired companies was steady, and this helped consolidated Ebitda growth of 49% YoY to Rs 523 million.
Company anticipates margins to stabilise in Q2 FY23 aided by price increase, rationalisation of low-margin portfolios and softening raw material costs.
Rossari Biotech has guided for revenues at Rs 20 billion and Ebitda of Rs 2.5 billion for FY23, which implies 15% volume growth in the standalone business.
Unitop and Tristar performance post acquisition has been steady, and Rossari has started launching new products taking advantage of acquired companies across HPPC, textiles and animal, health and nutrition segments.
The integration of acquired companies moving on right direction though too early to conclude, but start is good.
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