Anand Rathi's research report on NCL Industries
Despite volumes dipping across divisions (except energy), NCL’s Q4 revenue was the highest, given a fillip by healthy realisation growth. However, the inflationary situation pummelled operating performance. A pending environmental clearance continues to delay the expansion of the Vishakhapatnam GU. In the prevailing high-cost context, passing on costs will be key to watch.
We retain our Buy rating, with a lower TP of Rs242 (earlier Rs264).
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