Galaxy Surfactants Q4 Review - Underlying Demand Intact; Near Term Supply Related Overhang: Nirmal Bang
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Nirmal Bang Report
Galaxy Surfactants Ltd.’s Q4 FY21 revenue came in line with our estimates but miss on the operating margin front was on account of unprecedented raw material inflation, lower salience of specialty care products on account of global supply chain challenges, lower export incentives and one-time ex-gratia payments to employees.
Overall volume growth for the quarter was 8.4% YoY wherein performance surfactants and specialty care grew by 7.4% YoY and 10.5% YoY, respectively.
Higher consumption of performance surfactants and improved mix within the same along with price hikes led to ~30% YoY revenue growth in performance surfactants in Q4 FY21.
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