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Nirmal Bang Report
Rossari Biotech Ltd.'s Q4 FY24 performance came broadly in-line with our estimates on the back of continued growth in various sections of HPPC segment.
Sequential decline in gross margin (192 basis points) was on account of inferior mix along with moderation in selling prices. The management indicated improvement going forward and expect gross margin to settle at ~30%.
Existing capacity ramp up, commissioning of new capacities along with growth drivers in various sections of HPPC makes a plausible case for double digit volume growth in next two years.
Maintain Buy (25 times price-to-earning FY26E).
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