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Dolat Capital Report
Navin Fluorine International Ltd. reported a disappointing consolidated sales performance of Rs 2.14 billion, down by 14.5% YoY.
Ebitda too declined by 11.9% YoY to Rs 538 million, while adjusted profit after tax (PAT) declined by 10.6% YoY to Rs 386 million.
Reported PAT of Rs 560 million constituted an interest on income tax refund of Rs 260 million (part of the other income).
Gross margin expansion of 547 basis points YoY to 57.7% while Ebitda margins too expanded by 75 basis points YoY to 25.0%. Depreciation stood higher at Rs 107 million up by 30.1% YoY.
Specialty Chemicals continues its growth momentum, Inorganic Fluorides and Refrigerant gases act as a dampener.
Small de-bottlenecking projects within specialty chemicals continue to be on track and is expected to grow in healthy double digits for FY21E.
Refrigerant gases and Inorganic fluorides are likely to bounce back in H2 FY21 with an improvement/recovery in demand for auto/steel/aluminium industries.
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