KR Choksey's research report on Navin Fluorine International
In Q1FY23, NFL reported sales growth of 21.75% YoY and de-growth of 2.79% QoQ at INR 3,975 Mn. Improving contribution from Specialty and HPP segment delivered strong performance. EBITDA improved by 27.61% YoY and 5.23% on QoQ basis to INR 992 Mn. OPM came at 24.9% up 115bps YoY and 190bps QoQ. Input costs remained a concern due to higher fluorspar prices but was offset by higher realisations. Other expenses remained lower comparatively. Reported PAT has seen a growth of 33.28% on YoY and marginal fall of 0.89% on QoQ basis to INR 745 Mn. PAT margins improved both on YoY and QoQ basis at 18.72% in Q1FY23. EPS in Q1FY23 came at 15.02 against 11.29 in same period last year.
Outlook
We maintain our recommendation to “ACCUMULATE” on the company applying P/E of 43.5x on FY24E EPS with revised price of INR 4,374/share, an upside of 5.23% to CMP.
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