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Motilal Oswal Report
Navin Fluorine International Ltd. reported a revenue and Ebitda in line with our estimates. Gross margin and Ebitda margin expanded 50 basis points and 100 bps QoQ, respectively.
Growth in Q2 FY22 was driven by strong growth in the legacy business, especially in inorganic fluorides.
Revenue in the contract research and manufacturing services segment recovered to its quarterly run-rate of ~$10 million (as targeted by the management) after a dip in Q1 FY22.
Navin Fluorine raised prices in the specialty chemicals and refgas business to offset higher input cost, with additional pricing action to follow.
The management reiterated its efforts to maintain operating margin at current levels and move it up from here on.
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