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Systematix Research Report
Navin Fluorine International Ltd.'s Q1 FY22 performance was slightly below our estimates with revenue/Ebitda/adjusted profit after tax growth of 52%/45%/down 1% y-o-y and down 3%/down 8%/down 5% q-o-q.
The sequential sales decline was due to lower export volume offtake in inorganic fluorides and quarterly lumpiness in the contract research and manufacturing services business.
Refrigerants and specialty fluorochemicals benefitted from improved refrigerant (R22) prices and domestic demand.
Navin Fluorine's operating profit margin contracted 122 basis points q-o-q and y-o-y to 23.8% due to an increase in the cost of one key raw material for the specialty chemical division and additional employee costs and other expenses towards strengthening its product development team, retention bonus, maintenance cost and one-time consultancy fees.
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