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Dolat Capital Report
Navin Fluorine International Ltd.'s Q1 FY23 revenues were in line with our estimates. Revenues grew by 21.7% YoY to Rs 3.97 billion driven by strong performance in the specialty chemicals business and higher pricing and volumes in the high-performance product business (ref gases, inorganics fluorides and HPP have been clubbed under HPP segment).
Navin Fluorine's Ebitda growth came in at 27.4% YoY to Rs 991 million (our estimate: Rs 953 million) translating to an Ebitda margin expansion of 111 bps YoY to 24.9%.
Profit after tax was higher by 33.1% YoY to Rs 745 million (our estimate: Rs 668 million) on the back of improved operational performance.
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