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Systematix Research Report
Aarti Industries Ltd.'s Q1 FY22 result was broadly in line with our estimate with net sales/Ebitda/adjusted profit after tax growth of 40%/72%/101% YoY and 9%/21%/21% QoQ largely led by higher commodity prices.
Key chemistries volume growth was 20% YoY/down 15% QoQ to 26,225 tonne. Exports/domestic growth was 16%/9% QoQ.
Gross margin was flat at 53.7% QoQ as spreads were a mixed bag - chlorination and toluene chains saw a decline in spreads while nitro chloro benzenes and phlyenediamines chains witnessed spread improvement.
Operating profit margin improved to 23.8% versus 19.4% YoY and 21.5% QoQ led by lower staff costs and other expenses.
Aarti Industries' management remains confident of achieving its sales growth guidance of 30-35% during FY21-24 and margin improvement from FY23.
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