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Axis Securities Report
Archean Chemical Industries Ltd.'s Q3 FY24 numbers surprised on all fronts, exceeding our expectations. Consolidated Revenue at Rs 413 crore, up by 13%/42% YoY/QoQ, beat our estimate by 39%. Ebitda stood at Rs 145 crore, higher on a QoQ basis (up -9%/52% YoY/QoQ), also surpassing our estimates by 34%. Ebitda margin shot up to 35.25%, up by 238 basis points QoQ.
Archean Chemical Industries profit after tax stood at Rs 102 crore, up by 4%/54% YoY/QoQ, with an overall performance surpassing our estimate by 34%.
Key risks to our estimates and TP
Emergence of non-halogenated flame retardants may pose a threat to the growth of the Bromine market in the future
Any delay in capacity in the expansion of Bromine Derivatives or existing projects may affect return on capital employed negatively
The global slowdown may affect volumes and value growth.
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