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Nirmal Bang Report
Galaxy Surfactants Ltd.’s Q2 FY22 operational performance came below our estimates on account of supply-side challenges like unavailability of containers and select raw materials, significant raw material cost inflation and rising freight and power costs.
Galaxy Surfactants’ Ebitda/kg (adjusted for Rs 200 million impact from supply chain related issues) declined to Rs 15.5 from Rs 18.1 in Q1 FY22.
Delay in availability of key raw materials across the region affected the company’s production ability as well. Q2 FY22 capacity utilisation stood at 67%.
Significant inflation in fatty alcohol prices, which shot up ~50% YoY, and the overall volatile environment affected profitability significantly in Q2 FY22.
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