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Motilal Oswal Report
Galaxy Surfactants Ltd. reported a beat on our Q4 FY22 estimates, with Ebitda (Rs/kilogram) at Rs 25.2 (98% higher than our estimate, up 35% YoY) on inventory gains, new contract terms, and improvement in the product mix.
Total volume was flat QoQ (down 9% YoY) at 57.5 thousand million tonne (versus 58 tmt in Q3 FY22).
Galaxy Surfactants' management said the growth trajectory in India has been scaling down every quarter, with the first signs of a cutback in demand being seen.
It is confident that once prices of palm kernel oil normalise, demand in India will grow at 8-10%.
Outbound logistical issues eased in Q4 FY22, but have again become a challenge due to the China-induced lockdowns and the war between Russia and Ukraine.
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