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Prabhudas Lilladher Report
Chemical companies in our coverage universe are expected to deliver muted performance with revenue/Ebitda/profit after tax decline of -3%/-6%/-2% YoY and - 7%/+1%/-2% QoQ, led by weak global demand environment and price correction (moderating raw material and freight costs).
We believe that fall in input prices will result in QoQ gross margin improvement for majority of specialty chemical companies.
However, adverse operating leverage because of slowdown in discretionary end user industries' demand will lead to QoQ decline in profitability.
Companies which largely cater to essential end use applications like agro chemicals are relatively better placed. So also, Indian manufacturers are better placed versus European counterparts and are likely to benefit from shift in manufacturing to India over the long term.
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