Clean Science Q3 Results Review - Good Sequential Performance: IDBI Capital

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IDBI Capital Report

Clean Science and Technology Ltd. reported results which were in tune with our expectations. The management stated that the destocking which is almost going on for a year now seems to have completed and is waiting for an upturn in demand.

Clean Science witnessed a progressive recovery in Q3 FY24 and the Chinese market also saw sequential improvement for its primary products which are MEHQ and BHA.

Revenue decline of 18% YoY was 13% on account of realisation and 5% on account of volume. Strong demand uptick for MEHQ and BHA(key products) along with healthy realisations are key upside triggers for the stock and these will take some time to fructify.

In light of the same, we maintain our 'Hold' rating on the stock valuing it at Rs 1,425 (price-to-earning of 33 times on FY26E earnings per share).

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IDBI Capital Clean Science Q3FY24 Results Review.pdf

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Also Read: Clean Science And Technology Q3 Results: Profit Falls 25%

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