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Dolat Capital Report
Navin Fluorine International Ltd. delivered subdued performance in the quarter. Revenue, Ebitda and profit after tax grew by 13%, 5% and 5% YoY respectively which was below estimates.
Revenue growth has been impacted by slower stabilization of R32 plant, progressive ramping up of high-performance product plant at Dahej and deferral of sales in contract development and manufacturing organisation and two new specialty products.
These factors led to a loss of revenue of ~Rs 1 billion in Q2 FY24 which Navin Fluorine is confident of recouping in the subsequent quarters.
Although FY24 is expected to be a year of consolidation we remain sanguine on Navin Fluorine's growth prospects owing to its deep fluorination expertise, well entrenched client relationships and high quality long term contracts.
We maintain our 'Buy' rating with a target price of Rs 4,625.
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