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Centrum Broking Report
Anupam Rasayan India Ltd. reported better than estimated operating performance with consolidated revenue/ Ebitda beating our estimates by 3%/ 1% while profit after tax missed by 7%.
The company reported Q3 consolidated revenues of Rs 3.8 billion (Rs 2.7 billion), Ebitda of Rs 1,019 million (Rs 751 million), and profit after tax of Rs 429 million (Rs 379 million).
However, YoY numbers are not comparable due to Tanfac consolidation from Q2 FY23. Q3 standalone numbers remained muted YoY with revenue/ Ebitda/ profit after tax growth of 8%/6%/2% owing to the impact from closure of Sachin plant due to accident.
Anupam's incremental foray into fluorination products is expected to drive growth apart from scale up of letter of intents entered in FY22. Based on nine months numbers and management guidance, we have lowered our FY23E/ FY24E/ FY25E consolidated earnings estimates by 5%/8%/9%.
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