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IDBI Capital Report
Navin Fluorine International Ltd. delivered subdued performance in the quarter. Although revenue and Ebitda grew by 27% and 14% YoY respectively, profit after tax declined by 22% YoY.
Certain specific non –recurring events such as the shutdowns in anhydrous hydrofluoric acid and hydrofluoroolefins plant impacted revenue growth for the high-performance product segment. The HFO plant was also affected by certain operational issues in June.
However the company is confident of making up for the lost volumes in the next couple of quarters.
Navin Fluorine has also signed a three year supply agreement with Fermion specifically focusing on late stage opportunities in the contract development manufacturing organisation segment.
Navn Fluorine envisages healthy demand emanating from the specialty chemicals and CDMO division. We maintain our 'Buy' rating with a target price of Rs 5,200.
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