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Nirmal Bang Report
Fine Organic's overall 2QFY22 performance came in line with our estimates. However, compared to consensus estimates, Revenue/EBITDA/APAT came in higher by 11%/15%/18%.
Sequential improvement in EBITDA margin to the tune of 210bps is positive, in our view, and is a function of higher utilisation, pass-through of RM costs to an extent and pass-through of the freight impact to the customers in most cases.
Relatively reduced volatility in RMs should ensure better pass-through in the coming quarters.
Management sounded positive on the demand front, with pick-up in domestic demand.
Majority of the Specialty Ingredients companies have confirmed that demand in the domestic market picked up in 2QFY22.
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