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ICICI Securities Report
Sudarshan Chemical Industries Ltd.’s Q1 FY22 Ebitda was lower than expected at Rs 620 million, down 29% QoQ / up 8% YoY, and was hit due to lockdown in India (revenues down 26% QoQ) and rise in operating costs.
Gross profit margin expansion of 430 basis points QoQ was result of low-cost inventory, and Sudarshan Chemical sees near-term margins to remain volatile due to higher raw material prices.
Further, higher coal and freight costs have put margins under pressure.
Q2 FY22 revenues will be adversely impacted due to Mahad plant closure for two weeks.
Company sees new plant commissioning and product launches to help grow revenues from H2 FY22 onward.
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