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ICICI Securities Report
Navin Fluorine International Ltd.'s Q4 FY21 Ebitda grew 23% YoY on low base and steady performance in contract research and manufacturing service and specialty chemicals.
It expects specialty chemicals revenue growth in mid-teens for FY22.
CRAMS will continue to grow albeit at a lower magnitude; it is sitting on projects for 25 molecules in phase one and two.
Gross profit margins have been range bound despite significant improvement in contribution from high value business, which is key to watch.
High performance product and multi-purpose plants could be delayed by one-quarter on second wave of Covid-19.
Company remains excited on new opportunities and plans for a new innovation centre outside India.
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