Galaxy Surfactants’ Strong Q3 Performance Upgrade Ebitda Guidance: ICICI Securities
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ICICI Securities Report
Galaxy Surfactants Ltd.’s Q3 FY21 adjusted Ebitda/kilogram at Rs 18.1 raises confidence on sustainability of higher profitability, and management has increased its guidance under this parameter by 6-7% to Rs 16-18 (from Rs 15-17).
We take it that the guidance upgrade has come from strong performance in new-age products including mild surfactants, preservatives and proteins.
We expected these product-categories to sustain more than 20% revenue growth in the foreseeable future, and create more headroom for Ebitda/kg expansion.
Volume growth is likely to stay in the range of 8-11% per annum.
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