KR Choksey has given Accumulate recommendation for Navin Fluorine International with a target price of Rs. 4494 in its research report issued on Feb 03, 2022
KR Choksey’s research report on Navin Fluorine International
During Q3FY22, NFIL’s reported strong topline growth of 22.58% YoY and 11.80% QoQ which came at INR 3,789 Mn. The growth was due to healthy uptick in volumes across all its segment. On operational front EBITDA stood at INR 982 Mn (+24.46% YoY/+17.18% QoQ), while EBITDA margins increased on YoY and QoQ by 39bps and 119bps respectively to 25.92% in Q3FY22. Higher realisations during the quarter supported the performance. PAT saw a growth of 21.81% YoY/8.70% QoQ to INR 687 Mn. The PAT margins contracted marginally by 12 bps YoY and 52 bps QoQ to 18.13% in Q3FY22. The company during the quarter has declared an interim dividend of INR 5/- per share aggregating to INR 247 Mn.
We believe debottlenecking and good traction from end user industry will provide robust growth opportunities. We change our recommendation to “ACCUMULATE” from “BUY” on the company applying P/E of 41.75x on FY24E EPS with same target price of INR 4,494/share, an upside of 8.60% to CMP.
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At 17:30 Navin Fluorine International was quoting at Rs 4,138.95, up Rs 16.95, or 0.41 percent.
It has touched an intraday high of Rs 4,257.00 and an intraday low of Rs 4,118.00.
It was trading with volumes of 8,811 shares, compared to its thirty day average of 9,082 shares, a decrease of -2.98 percent.
In the previous trading session, the share closed down 2.59 percent or Rs 109.80 at Rs 4,122.00.
The share touched its 52-week high Rs 4,339.00 and 52-week low Rs 2,337.80 on 28 December, 2021 and 19 March, 2021, respectively.
Currently, it is trading 4.77 percent below its 52-week high and 76.74 percent above its 52-week low.
Market capitalisation stands at Rs 20,506.94 crore.