reports
- Nitin Agarwal
Fine Organics Industries' Q3FY20 results (Outperformer) - Higher fixed...
Q3FY20 result In Q3FY20, FOIL reported revenues and EBITDA below our est Revenues grew 3% yoy to Rs2.6bn, slightly below our estimate of Rs2.7bn. The miss was due to the impact from raw material pass through. Further, capacity constraints in the past led to overutilization of plants. However, with the commissioning of the new 32,000t plant, the stress on existing plants reduced causing utilisation levels to normalise during the quarter. Favourable raw material procurement costs to sharp 45...
- Nitin Agarwal
Fine Organics Industries' Q2FY20 results (Outperformer) - Strongprofit...
Q2FY20 result FOIL reported revenues in line with our estimates, while EBITDA was slightly above our est Revenues grew by 5% to Rs2.7bn in line with our est. We believe recently commissioned 32,000t capacity has marginally contributed to the revenue growth as pre-Q2, FOIL operated at optimum utilisation levels. Favourable raw material procurement costs and improvement in product mix led to sharp 420bps expansion of gross margins to 41% (est: 39%). Higher operating expenses (up 27% yoy) and...
- Nitin Agarwal
Initiating coverage: Fine Organics Industries (Outperformer) - A fine ...
Green additives, a sunrise industry, is gaining prominence as an eco-friendly and sustainable solution in the additives industry (critical component used in several end-user products such as plastics, food, etc). Fine Organics (FOIL) is a key manufacturer of oleochemical-based additives (derived from natural vegetable oils) with a manufacturing capacity of 69,300tpa. FOIL has strong domestic and global presence with exports comprising ~55% of revenues. Three key factors underpin FOIL’s business ...
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