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ICICI Direct Report
Navin Fluorine International Ltd.'s numbers were above our expectations mainly due to strong contract development and manufacturing organisation performance even as other segments reported decent growth.
Reported revenue growth was 48.7% YoY to Rs 563.6 crore, led by specialty chemical (up 22% YoY), high-performance product (refrigerants gas plus inorganic chemicals plus HPP) (up 63% YoY). Revenues from CDMO were up 108% YoY to Rs 125 crore.
Navin Fluorine'gross margins were up 65 basis points YoY to 56.3% while Ebitda margin rose 159 bps YoY to 27.6%. Absolute Ebitda was up 58% YoY to Rs 155.6 crore.
Adjusted profit after tax rose 40% YoY to Rs 131.3 crore. Finance cost was at Rs 9.2 crore versus Rs 40 lakh in Q3 FY22. Depreciation was up by 106% YoY to Rs 25 crore.
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Also Read: Vinati Organics Q3 Results Review - Key Products To Maintain Pace Of Growth: ICICI Direct
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