Aarti Industries management re-iterated their guidance of 25-35% PAT growth for FY2022
Chirag Batavia • 26 November 2021
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Aarti Industries (AARTIIND)
- Management re-iterated their guidance of 25-35% PAT growth for FY2022 and expects growth to accelerate further led by commissioning of new projects in 2HFY22.
- 2QFY22 performance was directionally positive but high commodity prices led to slight miss in estimates.
- Pharma profitability is likely to ramp up hereon given 2Q profitability was impacted by (1) delay in shipments for a large order which would normalize in 3QFY22, (2) ramp up of new capacities for pharma API/intermediates in 2HFY22 and (3) normalization of impact from a new plant commissioning in 2QFY22.
- Specialty Chemicals capacity utilisation has improved and is running at 80-90% level. New projects will start generating revenue from FY2023E.
- Two of three long-term contracts expected to start contributing to revenue in FY2022; Contract 1 will also start getting monetized from FY2023
Note: The above is a brief note on the company, based on the inputs of KIE research report dated 2nd November 2021, which is available on their website at:
https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental.
Disclaimer:
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Home First Finance (HOMEFIRST) Home First remains consistent on operational and financial parameters. Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25. Gross stage-3 ratio was flat qoq at 1.7%, stage-2 ratio declined 6 bps qoq to 1.1%. While other asset classes have reported mixed trends residential home loans, as an asset class, continues to stand tall. Home First, with 85% home loan exposure, is well-placed on the above. We expect the company to deliver 25% earnings CAGR for FY25-27E. We remain assertive with a BUY rating and FV of Rs1,360 (no change). Note: The above is a brief note on the company, based on the inputs of KIEresearch report dated 25111Oct, 2024, which is available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamenta1. Disclaimer: http://bit.ly/2n5Ax1E https://www.kotaksecurities.oom/ksweb/research/kotak-research-reports/top-weekly-picks
