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Motilal Oswal Report
Clean Science and Technology Ltd. reported a beat on our Ebitda estimates, while its gross margin expanded to 67.2% versus our expectation of 62%. Ebitdam stood at 45.6% (39.4% in Q2 FY23).
While the performance chemicals exhibited growth albeit marginal, pharma and agro intermediates and the fast moving consumer goods chemicals segments were weaker QoQ in Q3 FY23.
The management highlighted that demand for performance and pharma chemicals remains robust with softness to be seen in the agrochemical intermediates. PBQ's performance has been underwhelming with subdued volumes but the management expects it to bounce back after March 2023.
Commercialisation of rest of the products in the Hindered Amine Light Stabilizers series is expected between Dec-23 and Mar-24 with Clean Science undertaking a capex of Rs 1.5 billion for FY24, which would be funded through internal accruals.
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