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Aarti Industries: Conviction backed by heavy capex

Capex projects for Aarti Industries are on track and are backed by a budget of about Rs 1,000-1,200 crore per annum for the next 4-5 years

February 25, 2021 / 10:47 AM IST
Aarti Industries: Conviction backed by heavy capex

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - Pharma leads Q3 performance; chemicals benefit from demand normalisation - Divestment of pharma business under consideration - Capex outlay of the order of Rs 5,000 crore for five years - Medium-term earnings guidance remains for 15-20% growth Aarti Industries’ (CMP: Rs 1,230; Mkt Cap: Rs 21,440 crore) operating performance saw a noticeable improvement, partly backed by normalisation of the demand scenario. While current margins are unsustainable, what makes us constructive is the value unlocking opportunity from a potential divestment of the pharma business and a strong...

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