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ICICI Securities Report
Galaxy Surfactants Ltd.'s Q3 FY23 Ebitda/kg at Rs 26.4 benefited from exports incentive in Egypt of Rs 200 million; better product mix and sourcing efficiencies.
Galaxy Surfactants has done Rs 25 Ebitda/kg in nine months-FY23 versus historical Rs 17-19, despite which it has maintained traditional framework of growing volumes at 6-8% per annum and Ebitda higher than volumes.
This implies Galaxy Surfactants anticipates rebasing of Ebitda/kg driven by better product mix and retention of some sourcing efficiencies.
Volume growth was hurt by Africa, Middle East and Turkey situation (inflation in Egypt and Turkey) where Galaxy Surfactants is hitting a favorable base, and had a strong QoQ growth which means volumes should pick-up in FY24. Sales volume in Europe and China is expected to bounce back.
We have increased our earnings per share by 12.4% / 8.1% for FY23/FY24E, respectively.
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