External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

Fine Organic Industries Ltd / Equity Bottom-Up

<div><div><div><ul><li>Financial performance: Revenue grew 33/91% QoQ/YoY to INR 6.2bn in Q4 on the back of higher realisations, courtesy full pass-through of input cost price hikes, on boarding of new customers, repeat orders, better product mix, foreign exchange gains, and inability of competitors to supply their products, owing to non-availability of raw materials.</li></ul><div><div><div><ul><li>Con call highlights: (1) Currently, all plants are running at their optimum capacities.</li></ul><div><div><div><ul><li>Change in estimates: We raise our FY23/24 EPS estimates by 30.4/24.9% to INR 112.5/124.3, to factor in higher realisations and better margins, owing to a better product mix, new customers, and capacity ramp-up.</li></ul></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Financial performance: Revenue grew 33/91% QoQ/YoY to INR 6.2bn in Q4 on the back of higher realisations, courtesy full pass-through of input cost price hikes, on boarding of new customers, repeat orders, better product mix, foreign exchange gains, and inability of competitors to supply their products, owing to non-availability of raw materials.Con call highlights: (1) Currently, all plants are running at their optimum capacities.Change in estimates: We raise our FY23/24 EPS estimates by 30.4/24.9% to INR 112.5/124.3, to factor in higher realisations and better margins, owing to a better product mix, new customers, and capacity ramp-up.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.

Fine Organic Industries - Blockbuster Quarter!

<p>Sadbhav Engineering: Sadbhav Engineering (SEL) continued its weak operating performance in Q2 as revenue/EBITDA, at INR 2.6/0.35bn, were a (miss)/beat of (6.3)/31%. It reported an exceptional loss of INR 50mn on the sale of fixed assets. SEL has been caught in a tightened liquidity conundrum and is in the midst of deleveraging through asset monetisation (INR17-18bn). Execution pick-up is contingent on the same. We await progress on monetisation of Ahmedabad ring road and three HAM assets along with the remaining 2.5% stake sale in Indinfravit trust.</p><div class="content-highlight"><em>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.</em></div>

Sadbhav Engineering: Sadbhav Engineering (SEL) continued its weak operating performance in Q2 as revenue/EBITDA, at INR 2.6/0.35bn, were a (miss)/beat of (6.3)/31%. It reported an exceptional loss of INR 50mn on the sale of fixed assets. SEL has been caught in a tightened liquidity conundrum and is in the midst of deleveraging through asset monetisation (INR17-18bn). Execution pick-up is contingent on the same. We await progress on monetisation of Ahmedabad ring road and three HAM assets along with the remaining 2.5% stake sale in Indinfravit trust.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.

HSIE Results Daily: Fine Organic Industries, Sadbhav Engineering

<p>The constant focus on R&amp;D and availability of capacity will enable the company to remain competitive and expand its customer base. Given the capacity expansion-led growth, FOIL's capability to generate 20%+ returns on reinvested profits, and unique business model with high entry barriers, its PER of 42.9/31.0x FY23/24E looks contextually low. Our BUY recommendation on Fine Organic Industries (FOIL) with a target price of INR 3,910 is premised on (1) constant focus on R&amp;D;, (2) diversified product portfolio, (3) capacity-led expansion growth opportunity, and (4) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base.</p><div class="content-highlight"><em>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.</em></div>

The constant focus on R&amp;D and availability of capacity will enable the company to remain competitive and expand its customer base. Given the capacity expansion-led growth, FOIL's capability to generate 20%+ returns on reinvested profits, and unique business model with high entry barriers, its PER of 42.9/31.0x FY23/24E looks contextually low. Our BUY recommendation on Fine Organic Industries (FOIL) with a target price of INR 3,910 is premised on (1) constant focus on R&amp;D;, (2) diversified product portfolio, (3) capacity-led expansion growth opportunity, and (4) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base.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.

Fine Organic Industries (Update): Fine-tastic future. Maintain BUY

<p>In the absence of any major Capex in the coming years, the RoCE would expand from 16.7% in FY22E to 25.3% in FY24E. Q1 EBITDA/APAT were 1/2% above our estimates owing to a 7% rise in revenue, higher-than-expected other income, lower-than-expected tax outgo, offset by higher-than-anticipated other expense. Fine Organic Industries: Our BUY recommendation on Fine Organic Industries (FOIL) with a target price of INR 3,480 is premised on (1) constant focus on R&amp;D;, (2) diversified product portfolio, (3) capacity-led expansion growth opportunity, and (4) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base.</p><div class="content-highlight"><em>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.</em></div>

In the absence of any major Capex in the coming years, the RoCE would expand from 16.7% in FY22E to 25.3% in FY24E. Q1 EBITDA/APAT were 1/2% above our estimates owing to a 7% rise in revenue, higher-than-expected other income, lower-than-expected tax outgo, offset by higher-than-anticipated other expense. Fine Organic Industries: Our BUY recommendation on Fine Organic Industries (FOIL) with a target price of INR 3,480 is premised on (1) constant focus on R&amp;D;, (2) diversified product portfolio, (3) capacity-led expansion growth opportunity, and (4) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base.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.

HSIE Results Daily: Fine Organic Industries

External broker reports(aggregated public sources), BP Wealth

BP Wealth

<p>Fine Organic Industries (FOIL) posted revenue of INR 3,576mn with a 49% YoY increase, which was 5.6% above our estimate of INR 3,387mn. The revenue growth was mainly driven by better realization supported by the price increase and partially due to new product introduction. Export volume grew at a better pace with a contribution of 62% compared to 55% in Q1FY21. However, domestic sales did not pick up and remained flat during the quarter due to the lockdown restrictions. FOIL has witnessed a increase in key raw material costs along with higher freight cost.</p><div class="content-highlight"><em>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.</em></div>

Fine Organic Industries (FOIL) posted revenue of INR 3,576mn with a 49% YoY increase, which was 5.6% above our estimate of INR 3,387mn. The revenue growth was mainly driven by better realization supported by the price increase and partially due to new product introduction. Export volume grew at a better pace with a contribution of 62% compared to 55% in Q1FY21. However, domestic sales did not pick up and remained flat during the quarter due to the lockdown restrictions. FOIL has witnessed a increase in key raw material costs along with higher freight cost.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.

BP Equities  Fine Organic Industries Ltd Ltd Q1FY22 Result Update

India

Fine Organic Industries Limited manufactures specialty chemicals. The Company offers additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, and other applications. Fine Organic Industries serves customers worldwide.

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Fine Organic Industries Ltd (FINEORG IN)

Fine Organic Industries - Blockbuster Quarter!

We downgrade Fine Organics from BUY to ADD, with a revised target price of INR 5,290. The downgrade is largely owing to 22% increase in the stock...

HDFC Securities

HSIE Results Daily: Fine Organic Industries, Sadbhav Engineering

Sadbhav Engineering: Sadbhav Engineering (SEL) continued its weak operating performance in Q2 as revenue/EBITDA, at INR 2.6/0.35bn, were a (miss)...

HDFC Securities

Fine Organic Industries (Update): Fine-tastic future. Maintain BUY

The constant focus on R&D and availability of capacity will enable the company to remain competitive and expand its customer base. Given the...

HDFC Securities

HSIE Results Daily: Fine Organic Industries

In the absence of any major Capex in the coming years, the RoCE would expand from 16.7% in FY22E to 25.3% in FY24E. Q1 EBITDA/APAT were 1/2% above...

HDFC Securities

BP Equities Fine Organic Industries Ltd Ltd Q1FY22 Result Update

Fine Organic Industries (FOIL) posted revenue of INR 3,576mn with a 49% YoY increase, which was 5.6% above our estimate of INR 3,387mn. The revenue...

BP Wealth

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