Navin Fluorine - Q4FY21 First Cut - ICICI Direct

(CMP: Rs. 3371, MCap: Rs. 16684 crore)

Topline above our estimates but margins are lower largely on account of below than expected gross margins.

Q4FY21 Earnings Summary

- Navin Fluorine reported topline growth of 22% YoY to Rs. 336 crore against our expectations of Rs. 319 crore. The segmental details are still awaited but we believe the topline growth was outlined primarily on account of better performance from CRAMS segment

- Gross margins for the quarter declined by 230bps YoY to 52.2%, leading to lower than anticipated EBITDA for the quarter. EBITDA grew by 23% YoY to Rs. 84.2 crore against our expectations of Rs. 88.2 crore. OPM for the quarter remained at 25% (+18bps YoY)

- Adjusting the exceptional gain to the tune of Rs. 15.5 crore on account of sale of CCPL shares along with other income of Rs. 7.54 crore due to refund of income tax in Q4FY21, adjusted PAT was up by 3% YoY to Rs. 59.5 crore against our estimates of Rs. 62.4 crore

- The company generated CFO to the tune of Rs. 237.3 crore (20% of sales) in FY21 against Rs. 156.6 crore (~15% of sales) in FY20. The cash & bank as on date stood at Rs. 544 crore (~3% of MCAP). The board has announced final dividend of Rs. 6/share

We would be coming out with a detailed report soon.

Shares of Navin Fluorine International Limited was last trading in BSE at Rs.3370.5 as compared to the previous close of Rs. 3624. The total number of shares traded during the day was 48546 in over 7553 trades.

The stock hit an intraday high of Rs. 3659 and intraday low of 3357.95. The net turnover during the day was Rs. 167722788.

Source : Equity Bulls

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