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Nirmal Bang Report
Camlin Fine Sciences Ltd.’s Q1 FY22 consolidated Ebitda was 17% below our estimate mainly on account of raw material inflation, higher logistics costs and supply chain related challenges.
Gross margin contracted by 451 basis points QoQ; increased costs would be passed on with a quarter’s lag.
Ebitda margin adjusted for one-time expense in Wanglong subsidiary of Rs 35 million stood at 14.8% i.e. down 190 basis points YoY.
Dahej operated at 63% utilisation in Q1 FY22 and Camlin Fine Sciences' management expects it to clock optimum utilisation by the end of Q2 FY22.
Scale-up of Dahej and MEHQ sales should improve overall margin profile in H2 FY22, in our view.
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