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Dolat Capital Report
Aarti Industries Ltd. reported standalone sales of Rs 9.04 billion, down by 8.8% YoY (our estimate Rs 9.5 billion).
Ebitda and profit after tax too were in-line with our estimates at Rs 1.75 billion (our estimate Rs 1.76 billion) and Rs 815 million (our estimate Rs 795 million).
Ebitda was down by 25.7% YoY to Rs 1.75 billion, while PAT fell by 40.7% YoY to Rs 815 million. The Company reported gross margin expansion of 133 basis points YoY to 52.2%.
Staff costs grew by 29.9% YoY to Rs 868 million, while other expenses were controlled substantially at Rs 2.09 billion, up only by 4.3% YoY.
Interest costs saw a sharp decrease of 16.9% YoY to Rs 252 million (the trend continues for five quarters).
Specialty chemicals sales de-grew by 10.3% YoY to Rs 8.02 billion, Ebit contraction was even higher at 37.8% YoY to Rs 1.25 billion with a fall in Ebit margins by 690 basis points to 15.6%.
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