PL First Cut – Navin Fluorine Intnl Ltd Q2FY24 – Swarnendu Bhushan – Co – Head of Research, Prabhudas Lilladher Pvt Ltd

Navin Fluorine Intnl Ltd Q2FY24 First Cut – Subdued Performance, CMP: Rs 3427.7, Mcap: Rs 169.9 bn

• Revenue at Rs4.7 bn +13% YoY/ -4% QoQ (PLe ~Rs5.16bn & consensus estimates of Rs 5.2bn).
• EBITDA at Rs 983mn +5% YoY/ -14% QoQ (PLe Rs1192mn/consensus esti – Rs 1265mn) impacted QoQ due to higher expenses. EBITDA margin of 20.8% (vs 22.4% in Q2FY23 & 23.3% in Q1FY24; PLe ~23%) . Drop in margins YoY & QoQ is on account of higher expenses; await clarity from the management.
• PAT at Rs 606 mn (+5% YoY/ -2% QoQ; PLe Rs650 mn consensus esti – Rs 684mn) was impacted QoQ by lower operating profits.
• We currently have ‘Accumulate’ rating with 30x Target P/E based TP at Rs 3725