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Prabhudas Lilladher Report
Chemical companies are expected to deliver strong revenue/Ebitda performance YoY led by continued price rise to offset surge in raw material, energy and logistics costs.
In Q1 FY23 crude oil prices were up ~15% QoQ due to geopolitical issues, while oleochemical feedstock prices (vegetable oils viz palm, rapeseed, soyabean, sunflower oil etc.) were up 5-20% QoQ given Indonesia's ban on palm oil exports.
While commodity prices are now moderating (excluding crude oil), demand environment has weakened particularly in discretionary end user industries due to extreme inflation witnessed over last few quarters.
Demand outlook is cautious given weak consumer confidence, though chemical companies' capex programmes are on track.
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