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Motilal Oswal Report
Navin Fluorine International Ltd. reported a marginal miss on revenues (down 5% estimate), although Ebitda was 11% below our estimates, weighed by higher other expenditure.
Thus, despite gross margin expansion of 200 basis points QoQ to 55%, the Ebitda margin contracted 120 bps QoQ to 24.8%.
Navin Fluorine's management has highlighted that the gross margin is likely to be under pressure as one of the key raw materials saw a significant price increase in Q1 FY22 – which is likely to continue for another quarter.
Furthermore, a large mineral mine was closed down due to labour issues and is expected to resume operations by the end of the year.
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