Navin Fluorine International (532504) Q4 23/24 earnings summary

Executive summary

• Achieved consolidated revenue of ₹2,065 crore in FY 2023-24, nearly flat year-over-year, with net profit at ₹271 crore, down from ₹375 crore last year.

• EBITDA before exceptional items was ₹454 crore, with a margin of 19%, compared to 27% in the previous year.

• Specialty Chemicals and High Performance Products (HPP) segments grew 14% and 8% respectively, while CDMO business declined 42% year-over-year.

• Board recommended a final dividend of ₹7 per share, in addition to interim and special dividends paid earlier in the year.

Financial highlights

• Consolidated revenue: ₹2,065 crore (FY24) vs ₹2,077 crore (FY23).

• Net profit: ₹271 crore (FY24) vs ₹375 crore (FY23).

• EBITDA margin: 19% (FY24) vs 27% (FY23).

• Operating cash flow: ₹749.89 crore (FY24) vs negative ₹63.59 crore (FY23).

• Net debt/equity ratio: 0.37.

• Return on capital employed: 11%.

Outlook and guidance

• Management expects continued growth in Specialty Chemicals and HPP, with CDMO segment recovery anticipated as new contracts ramp up.

• Significant capex underway: ₹450 crore for new HF plant at Dahej, ₹84 crore for R32 capacity expansion, and ₹288 crore for CDMO capacity.

• Focus on innovation, operational excellence, and disciplined capital allocation to drive sustainable growth.