Accumulat Navin Fluorine International; target of Rs 1657: Dolat Capital

Dolat Capital's research report on Navin Fluorine International

Navin Fluorine International Ltd (NFIL IN) reported a disappointing consolidated sales performance of Rs 2.14bn, down by 14.5% YoY. EBITDA too declined by 11.9% YoY to Rs 538mn, while adjusted PAT declined by 10.6% YoY to Rs 386mn. Reported PAT of Rs 560mn constituted an interest on income tax refund of Rs 260 mn (part of the other income). Gross margin expansion of 547bps YoY to 57.7% while EBITDA margins too expanded by 75bps YoY to 25.0%. Depreciation stood higher at Rs 107mn up by 30.1% YoY.

Outlook

We maintain the multiples in our SOTP valuation and recommend investors to accumulate the stock at CMP. We have maintained our target price to Rs 1,657/share.

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