External broker reports(aggregated public sources), CD Equisearch

CD Equisearch

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Driven by higher volumes in performance products and fuel additives, Deepak's advanced intermediates business saw a modest revenue growth last quarter.</li><li>Slowdown in demand in Western world was countered by foray in newer regions which also led to improvement in product mix.</li><li>The business suffered from the onslaught of inventory destocking by Chinese suppliers and elevated freight rates which took the sheen off exports to EU and US.</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>

Driven by higher volumes in performance products and fuel additives, Deepak's advanced intermediates business saw a modest revenue growth last quarter.Slowdown in demand in Western world was countered by foray in newer regions which also led to improvement in product mix.The business suffered from the onslaught of inventory destocking by Chinese suppliers and elevated freight rates which took the sheen off exports to EU and US.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.

Deepak Nitrite Ltd. (DNL) - Company Brief

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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<div><div><div><div><ul><li>Deepak Nitrite (DN) reported a beat on our estimates. EBITDA came in 32% higher than our estimate at INR4.1b, while EBITDA margin, at 21.9%, was also higher than our estimate of 16.9% – albeit, at a multi-quarter low.</li><li>EBIT mix for Basic Intermediates/Fine and Specialty Chemicals improved to 25%/20% from 19%/15% in 3QFY22, with the contribution from Phenolics at 45% (down from an average of 64% in 1HFY22).</li><li>DN has maintained its highest ever utilization rate of 120% in the Phenolics business in 4QFY22, leaving limited growth in this segment from volume accretion.</li></ul><ul style="list-style-type: none;"><li><div><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></li></ul></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>

Deepak Nitrite (DN) reported a beat on our estimates. EBITDA came in 32% higher than our estimate at INR4.1b, while EBITDA margin, at 21.9%, was also higher than our estimate of 16.9% – albeit, at a multi-quarter low.EBIT mix for Basic Intermediates/Fine and Specialty Chemicals improved to 25%/20% from 19%/15% in 3QFY22, with the contribution from Phenolics at 45% (down from an average of 64% in 1HFY22).DN has maintained its highest ever utilization rate of 120% in the Phenolics business in 4QFY22, leaving limited growth in this segment from volume accretion. 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.

Deepak Nitrite  - Margins Sustain Due to Higher Volumes and Realization

<p>DN reported a miss on our estimates. EBITDA came in 8% lower than our estimate at INR3.5b, while EBITDA margin, at 20.4%, was lower than our estimate of 25.1%, the lowest since 4QFY19. Phenolics continued its strong growth, with Basic Intermediates and the Performance Products segment performing well in 3QFY22. EBIT margin in the Fine and Specialty Chemicals fell for the fifth...</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>

DN reported a miss on our estimates. EBITDA came in 8% lower than our estimate at INR3.5b, while EBITDA margin, at 20.4%, was lower than our estimate of 25.1%, the lowest since 4QFY19. Phenolics continued its strong growth, with Basic Intermediates and the Performance Products segment performing well in 3QFY22. EBIT margin in the Fine and Specialty Chemicals fell for the fifth...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.

Margin continues to decline; demand remains strong

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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<p>GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.</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>

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.
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: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

<p>DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest since 4QFY19. Phenolics continue to act as a drag on performance of other segments, as the EBIT margin in Fine and Specialty Chemicals dip for the fourth consecutive quarter and the same for Basic Chemicals normalize. EBIT mix continues to remain largely the same for the last three quarters, with contribution from Phenolics at 63% (up from an average of 51% in FY21).</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>

DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest since 4QFY19. Phenolics continue to act as a drag on performance of other segments, as the EBIT margin in Fine and Specialty Chemicals dip for the fourth consecutive quarter and the same for Basic Chemicals normalize. EBIT mix continues to remain largely the same for the last three quarters, with contribution from Phenolics at 63% (up from an average of 51% in FY21).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.

Margin normalization at the cost of near term earnings growth

India

Deepak Nitrite is a leading Indian chemical manufacturing company. It produces a wide range of chemical intermediates, including basic chemicals, fine and specialty chemicals, and performance products, serving industries such as pharmaceuticals, agrochemicals, dyes, pigments, and textiles. The company is headquartered in Vadodara, Gujarat, and was founded in 1970.

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Deepak Nitrite (DN IN)

Deepak Nitrite Ltd. (DNL) - Company Brief

Driven by higher volumes in performance products and fuel additives, Deepak's advanced intermediates business saw a modest revenue growth last...

CD Equisearch

Deepak Nitrite - Margins Sustain Due to Higher Volumes and Realization

EBITDA came in 32% higher than our estimate at INR4.1b, while EBITDA margin, at 21.9%, was also higher than our estimate of 16.9% – albeit, at a...

Motilal Oswal

Margin continues to decline; demand remains strong

DN reported a miss on our estimates. EBITDA came in 8% lower than our estimate at INR3.5b, while EBITDA margin, at 20.4%, was lower than our...

Motilal Oswal

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E...

HDFC Securities

Margin normalization at the cost of near term earnings growth

DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest...

Motilal Oswal

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