External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onAarti Industries Agrochemical segment continue to remain under pressure due to demand weakness whereas discretionary segment witnessed sustained volume recovery.</li><li>All the growth initiatives taken by the company are proceeding as planned.</li><li>In the H2FY25, the Nitrotoluene project and its downstream initiatives are slated to begin, followed by the Chlorotoluene project in FY26. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onAarti Industries Agrochemical segment continue to remain under pressure due to demand weakness whereas discretionary segment witnessed sustained volume recovery.All the growth initiatives taken by the company are proceeding as planned.In the H2FY25, the Nitrotoluene project and its downstream initiatives are slated to begin, followed by the Chlorotoluene project in FY26. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries (ARTO IN) - Agrochem Continues to Face Weakness

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Aarti Industries' Q4FY24 Revenue came in at Rs 1,773 Cr, up 7% YoY and 2% QoQ, which was in line with our estimates.</li><li>EBITDA stood at Rs 283 Cr, up 12% YoY and 9% QoQ, missing our estimates marginally by 4% due to slightly higher operational expenses.</li><li>EBITDA Margin came in at 16%, compared to 15.22% in Q4FY23 and 15% in Q3FY24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries' Q4FY24 Revenue came in at Rs 1,773 Cr, up 7% YoY and 2% QoQ, which was in line with our estimates.EBITDA stood at Rs 283 Cr, up 12% YoY and 9% QoQ, missing our estimates marginally by 4% due to slightly higher operational expenses.EBITDA Margin came in at 16%, compared to 15.22% in Q4FY23 and 15% in Q3FY24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Ltd - Stable Volume Uptake as Discretionary Stabilizes

<ul><li>Aarti Industries' Q3FY24 numbers surprised us on the Revenue and PAT front and missed EBITDA with our expectations.</li><li>Consolidated Revenue beat our estimate by 5% (up 4%/19% YoY/QoQ). EBITDA stood at Rs 260 Cr (up -10%/11% YoY/QoQ), missing our estimates by 13% mainly due to higher COGS and higher employee expenses.</li><li>EBITDA Margin came in at 15% (from 17%/16% in Q3FY23/Q2FY24). The company’s PAT stood at Rs 124Cr, up9%/35% YoY/QoQ, with the overall performance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries' Q3FY24 numbers surprised us on the Revenue and PAT front and missed EBITDA with our expectations.Consolidated Revenue beat our estimate by 5% (up 4%/19% YoY/QoQ). EBITDA stood at Rs 260 Cr (up -10%/11% YoY/QoQ), missing our estimates by 13% mainly due to higher COGS and higher employee expenses.EBITDA Margin came in at 15% (from 17%/16% in Q3FY23/Q2FY24). The company’s PAT stood at Rs 124Cr, up9%/35% YoY/QoQ, with the overall performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Ltd - Revival in Discretionary Segment, Large Order Wins Bolster Confidence

<ul><li>Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).</li><li>EBITDA stood higher on QoQ (-12%/16% YoY/QoQ) on account of volume expansion with stable-to-better realization for some products.</li><li>It also beat our estimates by 33% as we expected lower gross margins.EBITDA margins increased to 16.1%, up 24/180bps YoY/QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).EBITDA stood higher on QoQ (-12%/16% YoY/QoQ) on account of volume expansion with stable-to-better realization for some products.It also beat our estimates by 33% as we expected lower gross margins.EBITDA margins increased to 16.1%, up 24/180bps YoY/QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Ltd - Green Shoots of Volume & Value-Led Recovery in Demand

<ul><li>Aarti Industries Q1FY24 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.</li><li>Consolidated Revenue missed our estimate by 8% (down 12%/14% YoY/QoQ).</li><li>EBITDA stood lower (down 28%/ 20% YoY/QoQ) on account of lower RM prices and high employee expenses but beat our estimates by 5.2% as we expected a lower gross margin.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Q1FY24 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.Consolidated Revenue missed our estimate by 8% (down 12%/14% YoY/QoQ).EBITDA stood lower (down 28%/ 20% YoY/QoQ) on account of lower RM prices and high employee expenses but beat our estimates by 5.2% as we expected a lower gross margin.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Industries Ltd - Weak Demand Outlook in Near-Term to Persist:

India

Finolex Industries Limited manufactures PVC pipes and fittings, which are sold primarily to businesses in the agricultural sector.  The Company also manufactures PVC resins, which are used as raw materials for PVC pipes and fittings.

Castrol (India) Limited manufactures and markets automotive and industrial lubricants and specialty products. The Company's products include lubricating oils, greases and brake fluids. The Company also manufactures cable filling compounds, jellies, waxes and other items.

Vinati Organics Limited produces organic intermediates and monomers.

Kansai Nerolac Paints Limited manufactures paints, varnishes and enamels. The Company also fabricates synthetic resins, organic & inorganic pigments and oils. Kansai Nerolac's products are used for decorative, marine and industrial purposes.

Godrej Industries Limited manufactures a variety of specialty chemical products like Alpha Olefin Sulphonate, Fatty Acids, Glycerin and Fatty Alcohols. The company also manufactures edible oils and processed foods and has finance and investment activities as part of their operations.

Chambal Fertilisers and Chemicals Ltd. manufactures ammonia, urea, pesticides and other products for farming and other agricultural applications.  The Company also provides consulting services to farmers on their seeding programs. Chambal operates throughout India.

Chambal Fertilisers & Chemicals (CHMB IN)

Bayer Cropscience Ltd. is involved in cropscience in the area of crop protection , non agricultural pest-control, seeds and plant biotechnology.

Atul Limited is a diversified manufacturer of chemicals. The Company's products include agrochemicals, aromatics, cresol & its derivatives, pharmaceutical intermediates, bulk drugs and bulk chemicals. Atul also manufactures dyestuffs and colors for the textile industry.

Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy chemicals, pharmaceuticals, fertilizers and agro-chemicals. The Company's salt products include common salt, pure salt and gypsum salt.  Heavy chemicals include soda ash, caustic soda and hydrochloric acid. Tata Chemicals' pharmaceuticals include bromides of ammonium, sodium, potassium and ethyl.

BASF India Limited is a diversified manufacturer of chemicals and specialty chemicals that are used in a number of industries including textiles, paper, construction and paints. The Company's products include a variety of plastics & fiber intermediates, leather auxiliaries, finishing agents, pesticides, tanning agents, dyestuffs, oil & well chemicals and dispersions.

NOF CORPORATION is a diversified chemical producer whose products include processed oil/fats, explosives and other chemical products. The Company has manufacturing/sales subsidiaries in US, Indonesia and China.

K+S AG manufactures and markets within the fertilizer division standard and speciality fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a supplier for explosives products and services. The Company has operations throughout the United States, Canada, Mexico and Australia.

Hangzhou Oxygen Plant Group Co.,Ltd. manufactures industrial gas machinery products. The Company produces air separation equipment, small-scale air separation equipment, liquefied nitrogen wash cold boxes, liquefied natural gas separation equipment, and other products. Hangzhou Oxygen Plant Group markets its products worldwide.

Zhejiang Longsheng Group Co., Ltd. manufactures a variety of dyes including high intensity and rapid-dying Lonsperse Dye. The Company sells its products domestically and exports worldwide.

Zhejiang Longsheng Group Co., (600352 CH)

Kumho Petrochemical Co., Ltd. manufactures synthetic rubbers, synthetic resins, and rubber chemicals.  The Company's products include styrene butadiene, acrylonitrile butadiene, polystyrene, expandable polystyrene, and antioxidant.  Kumho Petrochemical provides construction, transportation, and financial services through its subsidiaries.

Quaker Chemical Corporation produces, develops, and markets custom-formulated chemical specialty products.  The Company also provides fluid management services for manufacturers around the world, primarily in the steel, automotive, and can industries.

Hengyi Petrochemical Co., Ltd. manufactures polyester and other petrochemical products.

Zhejiang Weixing New Building Materials Co.,Ltd. develops, manufactures and sells plastic pipes.  The Company's products include poly propylene random (PPR) pipe, polyethylene (PE) pipe, high density polyethylene (HDPE) pipe, and polybutene (PB) pipe.

Zhejiang Weixing New Bldg Mtls (002372 CH)

TOKYO OHKA KOGYO CO., LTD. manufactures photoresist for semiconductors.  The Company also manufactures printing materials and semiconductor-assembling machines.

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN) - Agrochem Continues to Face Weakness

In the H2FY25, the Nitrotoluene project and its downstream initiatives are slated to begin, followed by the Chlorotoluene project in FY26.

Prabhudas Lilladhar

Aarti Industries Ltd - Stable Volume Uptake as Discretionary Stabilizes

Aarti Industries' Q4FY24 Revenue came in at Rs 1,773 Cr, up 7% YoY and 2% QoQ, which was in line with our estimates. EBITDA stood at Rs 283 Cr, up...

Axis Direct

Aarti Industries Ltd - Revival in Discretionary Segment, Large Order Wins Bolster Confidence

EBITDA Margin came in at 15% (from 17%/16% in Q3FY23/Q2FY24). The company’s PAT stood at Rs 124Cr, up9%/35% YoY/QoQ, with the overall performance.

Axis Direct

Aarti Industries Ltd - Green Shoots of Volume & Value-Led Recovery in Demand

Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).

Axis Direct

Aarti Industries Ltd - Weak Demand Outlook in Near-Term to Persist:

Aarti Industries Q1FY24 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.

Axis Direct