Reduce Navin Fluorine International, target price Rs 3073: ICICI Securities

ICICI Securities has reduce call on Navin Fluorine International Ltd. with a target price of Rs 3073. The current market price of Navin Fluorine International is Rs 3215.95.

Navin Fluorine International Ltd., incorporated in the year 1998, is a Mid Cap company (having a market cap of Rs 15949.94 Crore) operating in Chemicals sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 359.73 Crore, up 12.76 % from last quarter Total Income of Rs 319.00 Crore and up 27.45 % from last year same quarter Total Income of Rs 282.26 Crore. Company reported net profit after tax of Rs 73.22 Crore in latest quarter.

Investment Rationale
The brokerage models revenue and PAT CAGRs of 15.4% and 16% respectively over FY21-23E. It maintains ADD rating with DCF based TP of Rs625 (47x FY23E). Key risks: continued slow-down due to covid and steep inflation in input prices.

Promoter/FII Holdings
Promoters held 30.2 per cent stake in the company as of March 31, 2021, while FIIs held 27.5 per cent, DIIs 13.4 per cent and public and others 28.1 per cent.