Buy Alkyl Amines; target of Rs 2500: HDFC Securities

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HDFC Securities' research report on Alkyl Amines

EBITDA/APAT were 53/86% above expectations, largely owing to (1) 4% lower raw material cost (2) Higher EBITDA margins than anticipated (28.8% vs. est. 20.3%), particularly led by Acetonitrile.

Outlook

Our BUY recommendation on AACL with a TP of INR 2,500 is premised on (1) Robust demand from pharmaceutical and agrochemical industry that form 70% of revenue mix, (2) Rising market share in Methyl Amines, and (3) Impending capacity expansion for multiple products, including the high-margin Acetonitrile.

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