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Yes Securities Report
Rossari Biotech Ltd.'s reported operating profits at Rs 546 million (up 4% YoY; up 1% QoQ) stood broadly in-line with our but below street estimates on weaker earnings traction in subsidiaries and weaker demand sentiment in the home, personal care and performance chemicals segment.
The Ebitda margin at 13.4% (Q3: 13.9%) also stood weaker on higher raw material expense. The standalone earnings stood stronger with standalone Ebitda at 359 million growing by 31% YoY and 12% QoQ, driven by a 1% YoY and 11% QoQ growth in revenue and a healthy Ebitda margin of 13.6%.
Rossari Biotech faced a challenging FY23 due to headwinds stemming from macroeconomic factors. However, the company was able to stabilise the business in terms of both volume and margins, despite the same.
Rossari Biotech has several products/solutions under development across business verticals, which should help achieve the targeted Ebitda compound annual growth rate of ~ 20% along with normalized operating margins of ~ 14-15%.
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