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HDFC Securities Report
Our optimism on Fine Organic Industries Ltd. is based on -
constant focus on research and development,
diversified product portfolio,
capacity-led expansion growth opportunity, and
leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base.
We expect Fine Organic's profit after tax to grow at a 42% compound annual growth rate over FY22-24E, led by a 37% CAGR in Ebitda.
In the absence of any major capex over the next two years, the retuen on capital employed would expand from 19% in FY22E to 28% in FY24E.
The constant focus on R&D and availability of capacity will enable the company to remain competitive and expand its customer base.
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