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Centrum Broking Report
Granules India Ltd.'s Q2 performance was below our estimates.
Revenue grew 4% year-on-year and 5% quarter-on-quarter.
The headwinds on RM supplies impacted performance along with disrupted demand.
GIL partially began procurement of PAP domestically.
We expect capacity utilisation to improve further though we believe demand normalisation would only happen beyond FY23.
Management is hopeful on gradual improvement in realisation over H2, as GIL passes increased costs to customers.
We look forward to niche launches and MUPS-based product ramp-up in the U.S. beyond H2FY23.
The headwinds led to guidance miss this year and we believe normalisation would be gradual.
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