Aarti Industries Q4 Review - Aggressive Growth Plans Priced In: Prabhudas Lilladher
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Prabhudas Lilladher Report
We change our FY22/23 estimates for Aarti Industries Ltd. as we incorporate final bullet payment of $80 million in FY22E, against earlier FY23E.
The company expects revenue growth to track capex intensity over FY22-24E.
Growth trajectory will likely improve with pickup in economic activities and recovery in discretionary spends (textiles, autos, aerospace, etc.; ~40% of the company’s revenues).
The company has been creating new capacities and plans to target import substitution opportunities along with scale up export markets.
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