Navin Fluorine Q4 Review - Non-Legacy Business To Lead Show: ICICI Direct

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ICICI Direct Report

Navin Fluorine International Ltd. reported topline growth of 22% YoY to Rs 336 crore against our expectations of Rs 319 crore largely led by contract research and manufacturing services and specialty chemical segments.

Revenue from CRAMS was up 41% YoY to Rs 76 crore, while the same from specialty chemical was up 26% YoY to Rs 131 crore.

The revenue from refrigerant and inorganic fluoride increased 4% YoY, 16% YoY to Rs 58 crore and Rs 59 crore, respectively.

Gross margins for the quarter declined 230 basis points YoY to 52.2%, leading to lower than anticipated Ebitda for the quarter.

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