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Prabhudas Lilladher Report
Despite near term recessionary pressure, Nocil Ltd. remains well placed for medium to long term as-
domestic tyre industry capex is expected to be above Rs 200 billion over next three years,
sufficient capacity headroom enables capturing demand improvement,
moderate competitive intensity with higher environment compliance costs in China leads to better level playing field, plus aligning prices based on changes in raw material costs support spreads,
zero debt balance sheet and healthy free cash flow generation of Rs 4.4 billion over FY23-24E provides comfort, though elevated crude oil (more than $100/barrel of oil) and increase in supplies by Chinese competition pose risk to volume and spreads in FY23/24.
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