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NOCIL Q1: ‘China plus’ strategy can be a rerating trigger

We expect NOCIL to maintain its dominant presence in the Indian market because of its technological leadership, client relationships and focus on import substitution

August 26, 2020 / 06:24 PM IST
NOCIL Q1: ‘China plus’ strategy can be a rerating trigger

The Union Cabinet approved the PLI scheme for 10 sectors on November 11.

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

Anubhav Sahu Monycontrol Research Highlights - Sharp contraction in volumes sold, realizations steady - Competitive intensity high, adverse supply-demand to cap margins - Medium term triggers – ‘China plus’ and protectionist measures for tyre industry - Valuations fair, accumulate at lower levels NOCIL (CMP: Rs 132, Market Cap: Rs 2,194 crore) –the largest rubber chemicals producer in India, reported a weak performance in Q1 FY21, one that was anticipated given the softness in tyre and automobile end-markets. Volume de-growth was sharp but steady price realizations were a surprise. Going forward, the...

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