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Prabhudas Lilladher Report
Chemical companies in our coverage universe are expected to deliver strong revenue/ Ebitda/profit after tax growth of 24%/ 42%/ 50% YoY aided by higher volumes and increase in realisations offsetting cost inflation, though QoQ growth is likely to be muted at 1%/ 1%/ 2%.
Global demand environment has weakened, due to central bank actions to curb inflation witnessed over last few quarters, and production slowdown due to sky rocketing gas prices and limited availability in Europe.
While prolonged gas crisis is likely to boost outsourcing of specialty chemicals (Europe plus one) over the medium to long term, benefitting Indian manufacturers, production disruption can have a negative impact in the near term.
Demand outlook is cautious given weak consumer confidence though chemical companies' capex programmes are on track.
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