Aarti Industries Q2 Results Review

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Aarti Industries Ltd.’s Q2 FY23 revenue/ Ebitda/profit after tax growth of 34%/5%/-17% YoY largely led by higher realisations (cost pass through).

Ramp-up of recently commissioned plants, Jhagadia chlorination capacity and Dahej phase-II unit to drive specialty chemicals revenue.

We expect healthy Ebitda and profit after tax compound annual growth rate of 24%/27% over FY23-25E (Ebitda for FY23E at Rs 11 billion, H1 FY23 at Rs 5.5 billion), on rising capacity utilisation (high capex intensity of Rs 25-30 billion over FY23- 24E focused on value added derivatives, import substitution, rising domestic demand and China plus one.

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