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Yes Securities Report
Rossari Biotech Ltd.'s reported operating profits at Rs 577 million (flat YoY; +6% QoQ). The Ebitda margin at 14.1% (Q4: 13.4%) improved marginally due to lower employee cost.
The standalone earnings stood stronger with standalone Ebitda at Rs 351 million growing by 30% YoY and -2% QoQ, driven by a 11% YoY and -2% QoQ growth in revenue and a constant Ebitda margin of 13.6%.
Revenue was supported from new product introduction in home, personal care, and performance chemicals, while there was impact of global destocking in textile specialty chemicals and animal health and nutrition having a seasonally weak quarter.
Rossari acquired 16% of remaining stake in Tristar Intermediates for a consideration of Rs 169 million. Research and development team working towards providing sustainable aquaculture solutions for farmers.
For FY24 target revenue growth of 12- 14% and Ebitda margin of 12%. Rossari has its R&D at core and customisation through which it aims to deliver growth in volatile macro scenario.
We maintain 'Buy' rating with revised target price of Rs 1,030/share.
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