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Prabhudas Lilladher Report
We revise downward our FY24/25 earnings per share estimates by 8%/10% on muted FY24 outlook due to-
persisting demand weakness in key end-use segments,
slower than expected ramp-up in capacities meant for long term projects,
elevated cost pressures on lower absorption of expansion led costs.
Aarti Industries Ltd.’s muted performance in Q4 FY23 was led by restricted volumes on lower operating days, elevated operating expenses and weaker geographic mix.
We expect Ebitda and profit after tax compound annual growth rate of 20% and 12% over FY23-25E, on rising capacity utilization of recently commissioned plants (two specialty chemical process blocks and third long term contract and chlorination facility at Jhagadia, and Dahej phase-II).
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