reports
- Swarnendu Bhushan
MOSL: . ALKYL AMINES: Margin rebound led by lower than expected RM co...
ALKYL AMINES: Margin rebound led by lower than expected RM cost (AACL IN, Mkt Cap USD2.1b, CMP INR3191, TP INR2968, 7% Downside, Neutral) AACL reported an in line revenue. The downward trend in gross margin reversed in 1QFY23, the first time in six quarters, expanding to 50.9%. However, it is still lower from the peak margin of 60.9% in 3QFY21. Higher gross margin also resulted in a beat of 40% on our EBITDA estimate. EBITDA margin expanded to 24.5% in 1QFY23. Capacity expansion in Methyl a...
- Swarnendu Bhushan
MOSL: ALKYL AMINES (Neutral)-Margins continue to tumble; volumes also ...
ALKYL AMINES: Margins continue to tumble; volumes also impacted (AACL IN, Mkt Cap USD2.3b, CMP INR3332, TP INR3250, 2% Downside, Neutral) Alkyl Amines (AACL) reported a miss on our revenue estimate (-11% QoQ) on account of a dip in volumes by 10% QoQ. This was largely attributable to lower demand from the Pharma and Agro spaces during the quarter. Alternate raw materials purchased by the aforementioned customers (primarily from China) were impacted, due to which overall production remaine...
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