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Hold Navin Fluorine: target of Rs 2820: ICICI Direct
−− ICICI Direct recommended hold rating on Navin Fluorine with a target price of Rs 2820 in its research report dated January 28, 2021.
Feb. 12, 2021
Navin Fluorine reported topline growth of 19% YoY to Rs 309 crore against our estimate of Rs 305 crore. The growth was largely led by the CRAMS, speciality chemical segments, which were up 51% YoY, 26% YoY to Rs 71 crore, Rs 122 crore, respectively.
Revenue from inorganic fluoride remained higher by 12% YoY to Rs 57 crore while the same from refrigerant was down 18% YoY to Rs 47 crore.
Despite the value added segments, revenue remained higher compared to legacy business.
Gross margins for the quarter fell 342 bps YoY to 53.9%, leading to lower than expected EBITDA for the quarter.
EBITDA grew 23% YoY to Rs 80.5 crore vs. our expectation of Rs 90.5 crore.
OPM for the quarter remained at 26% (up 90 bps YoY).
PAT was up 30% YoY to Rs 58.9 crore against our estimate of Rs 66.8 crore.
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