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IDBI Capital Report
Clean Science and Technology Ltd. reported weak results which were below expectations. The demand scenario has taken a complete u-turn from the rising price scenario last year to a declining price scenario which is exerting significant pressure on sellers.
A host of raw materials have corrected across the board which is leading to a significant moderation in finished goods prices as well. Clean Science's revenue decline of 20% YoY is two-thirds on account of volume and one-third on account of price.
This de-growth is attributable to significant channel destocking and lower demand offtake on the ground. The management is of the view that the destocking and demand slowdown situation should take oen-two quarters to normalise.
We maintain our 'Hold' rating on the stock valuing it at Rs 1,425 (price-to-earnings of 40 times on FY25 EPS).
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