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Motilal Oswal Report
Alkyl Amines Chemicals Ltd. reported in-line revenue, while Ebitda was 21% below our estimate due to margin contraction. Gross margin contracted 100 basis points QoQ to 45% in Q3 FY22 – the lowest in the last ten quarters.
The downward trend in margin continues. Raw material prices continue to rise along with an increase in other expenses that pose a challenge for Alkyl Amines to resurrect its margins in the near term.
We expect Ebitda margin to sustain at the current level of 18% (lowest in the last 11 quarters) in Q4 FY22. We also normalise our FY22 Ebitda margin forecast by down 330 basis point to 21.5%, resulting in an estimate cut of 13% on Ebitda for the year.
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