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Bodal Chemicals: Benzene benefit to show up from FY24

Business diversification seems to be an attempt to reduce volatility in profitability from the dyes industry and gain exposure to more stable chemicals

June 28, 2021 / 02:40 PM IST
Bodal Chemicals: Benzene benefit to show up from FY24

IOL Chemicals & Pharmaceuticals | CARE has upgraded the credit rating by one notch for the banking facilities availed by the company, to A+/Stable, from A/Stable.

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

Bodal Chemicals (CMP: Rs 101, Market Cap: Rs 1,234 crore), one of the top three players in the domestic dyes industry,  reported steady operational performance, aided by better product prices. While the near-term prospects in the industry would receive a further boost from the operationalisation of the Vinyl Sulphone plant in UP in the next quarter, long-term prospects would be guided by the foray into benzene-based downstream products, caustic soda and capacity addition in sulphuric acid derivatives. Business diversification appears to...

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