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Nirmal Bang Report
Galaxy Surfactants Ltd.'s Q3 FY24 operating performance came in line with our estimates. Overall volume grew by 8.4% YoY, mainly aided by Specialty care segment. Ebitda/kg (excluding other income) stood at Rs 17.8
All regions except North America witnessed strong volume momentum. While destocking in developed markets has largely played out, price cuts taken by HPC players should aid volume growth in coming quarters.
We believe that FY25 could be the only year post IPO wherein all regions should contribute to growth leading to overall low double digit volume growth (greater then 6%-8% guided range). Maintain 'Buy' (25 times earning price December 25E).
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