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Refer to important disclosures at the end of this report Going in right direction; maintain Buy Camlin Fine Sciences' (CFIN) Q3FY19 consolidated performance was above estimates on revenue and PAT front. Revenue up 17% yoy to Rs2.41bn (est. Rs2.29bn); EBITDA up 232% yoy to Rs154mn (est. Rs160mn); with net loss at Rs20mn (est. Rs36mn loss). CFIN's performance is headed in the right direction and well in line with our expectations. The key loss-making subsidiaries in Brazil and China are reaching a breakeven. Further,...
Camlin Fine Sciences' (CFIN) consolidated revenue grew by 54% yoy to Rs2.06bn (Emkay Est. Rs1.97bn) on the back of strong growth traction across key segments like Aroma (698% yoy), Blends (59% yoy), Performance (19% yoy) and Shelf-life (6% yoy). EBITDA stood at Rs46mn, up by 130% yoy but was lower than our estimate of Rs98mn on account of exceptional loss of Rs108mn (Loss: Forex -Rs57mn, China JV -Rs50mn)....
Key highlights: Consolidated sales (Rs 1.4bn, +14% yoy) were 4% above our estimates. EBITDA margin saw sharp correction to 11.2% (vs. estimated 21.2%) on account of – (1) production disruption in Italy subsidiary for a month period (for implementing efficient technology with target to conserve energy and reduce wastage) and initial marketing spend to launch antioxidant blends in USA. Thus, the EBITDA declined 45% yoy to Rs 157mn. The weak operating performance and higher taxes dragged PAT by 78% yoy to Rs 31mn (estimated Rs 116mn). The weak operating performance was primarily due to quarter specific execution issues at subsidiaries. The standalone financials reported 3% sales growth (to Rs 1.02bn) coupled with 160bps expansion in EBITDA margin (to 17.5%), resulting in 18% yoy growth in profits to Rs 65mn (despite higher tax incidence of 36%). Phillip Capital retain their Buy rating with an unchanged TP of Rs 135 (9x FY18 EV/EBITDA).
9 Consolidated sales were lower than our estimates, but a smart >500bps surprise in marginsledto20%higherthanexpectedearnings. 9 FY16PATperformancewas10%aheadofourestimatesduetoa150bpspositivemargin...
CFIN is an established global leader of foodgrade synthetic antioxidants (market size of ~US$200mn, particularly in Tertbutylhydroquinone (TBHQ) and Butylatedhydroxyanisole (BHA). CFIN has 60% market share (capacity) with TBHQ/BHA capacity of 3600/2400tpa....
