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: http://bit.ly/2n5AxIE

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