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Himadri Speciality: Well-placed to deliver long-term earnings growth

January 03, 2020 / 02:39 PM IST
Himadri Speciality: Well-placed to deliver long-term earnings growth

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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 - Revenues declined; Sequentially improved volumes suggest stabilization in demand - EBITDA per tonne softens due to drop in realisations and higher other expenses - Capacity expansion for specialty carbon and advanced carbon material on track - Utilisation ramp-up expected to be gradual due to soft end markets Himadri Speciality Chemical (CMP: Rs 62, Market cap: Rs 2610 crore), a leading manufacturer of coal tar pitch (CTP) and carbon black, posted a weak set of numbers in the September quarter, reflecting a slowdown in...

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