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Systematix Research Report
Navin Fluorine International Ltd.'s Q2 FY22 results were slightly below our estimates with revenue/Ebitda/adjusted profit after tax growth of 6%/-7%/-9% YoY and 4%/8%/11% QoQ.
Revenues were led by strong growth in the inorganic fluorides (33% YoY) and specialty fluorochemicals (20% YoY) segments.
Domestic slowdown impacted the refrigerant gases and Contract Research and Manufacturing Services segments.
Operating profit margin stood at 24.8% versus 28.4% YoY and 23.8% QoQ; the YoY contraction is attributable to-
lower CRAMS revenue share of 24% versus 31% YoY,
a 28% increase in employee costs due to strengthening of research and development/technical teams and
a 15% rise in other expenses due to onetime consulting fees, high freight and power and maintenance costs.
Navin Fluorine expects a sequential improvement in margins in the coming quarters.
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