Specialty Chemicals Q4 Earnings Preview - Impressive Print: ICICI Securities

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ICICI Securities Report

Q4 FY21 earnings for specialty chemical companies under our coverage are expected to be impressive on the low base of Q4 FY20, and a recent rise in chemical (particularly crude derivative) prices may lead to inventory gains.

We expect SRF Ltd.’s chemical business Ebit to grow 52% YoY on a strong show in fluoro-specialty chemicals and rise in realisation for ref-gas, while its packaging film business continues to enjoy strong spreads.

Navin Fluorine International Ltd.’s earnings are likely to benefit from strong growth in specialty chemicals and contract research and manufacturing services segment, and soft fluorspar prices.

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