Specialty Chemicals Q3 Results Preview - Mixed Trend In Ebitda Growth: ICICI Securities
We estimate our specialty chemical coverage universe’s revenue to grow 12.2% YoY (down 1% QoQ) in Q3 FY23.
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ICICI Securities Report
We estimate our specialty chemical coverage universe’s revenue to grow 12.2% YoY (down 1% QoQ) in Q3 FY23. Ebitda to grow 1.1% YoY (5.1% QoQ), however, excluding Chemplast Sanmar Ltd., 15.9% YoY -
SRF Ltd.’s Ebitda to dip (down 7.3%) YoY on lower margin in non-chemicals, while chemicals business to continue its good show;
Navin Fluorine International Ltd. (up 64%) to benefit from rise in utilisation of high purity products plant and higher contract research and manufacturing services revenue;
Gujarat Fluorochemicals Ltd.’s (57% YoY) growth is likely on a strong show in new fluoropolymers and ref-gas; QoQ dip is from seasonality, and
Clean Science and Technology Ltd.’s (44% YoY), Rossari Biotech Ltd. (up 37%), and EPL Ltd.’s (up 13.7%) Ebitda growth to benefit from lower input prices.
Tatva Chintan Pharma Chem Ltd.’s performance continues to hurt from muted structure directing agents sales (albeit part recovery QoQ).
Galaxy Surfactants Ltd.’s volumes may be muted on weakness in The Africa, Middle East and Turkey, but Ebitda/kg may be healthy.
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