External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Aarti has posted sequential improvement in EBITDA over the past four quarters, led by demand recovery in discretionary spends like textiles, dyes, pigments, polymers, etc, and strong contribution from the energy business (led by a single product—MMA).</li><li>However, it withdrew its FY25 EBITDA guidance of Rs14.5-17bn after the Q1 results, due to i) deferral in agro chemicals market recovery, ii) volatility in the energy business, iii) Chinese dumping leading to pricing pressure.</li><li>We believe this view is largely owing to lower than expected volumes in MMA due to near-term macro volatility (August exports data shows 70% decline in MMA volume).</li></ul><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>

Aarti has posted sequential improvement in EBITDA over the past four quarters, led by demand recovery in discretionary spends like textiles, dyes, pigments, polymers, etc, and strong contribution from the energy business (led by a single product—MMA).However, it withdrew its FY25 EBITDA guidance of Rs14.5-17bn after the Q1 results, due to i) deferral in agro chemicals market recovery, ii) volatility in the energy business, iii) Chinese dumping leading to pricing pressure.We believe this view is largely owing to lower than expected volumes in MMA due to near-term macro volatility (August exports data shows 70% decline in MMA volume).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 - Near-Term Volatility Could Lead to Sequential Decline in Q2 EBITDA