Navin Flourine gains after Gujarat plant starts commercial production

Navin Flourine International rose 1.38% to Rs 4,243.45 after the company announced commercialization of multi-purpose plant and plant for manufacturing a key agro-chemical intermediate.

The multi-purpose plant and plant for manufacture of a key agro-chemical intermediate set up by our wholly owned subsidiary, Navin Fluorine Advanced Sciences (NFASL), in Dahej, Gujarat, has commenced commercial production post successful supply of commercial trials to the respective customers.

Earlier on 10 November 2021, NFASL entered into a multi-year contract with a large multinational company for manufacture and supply of a key agro-chemical fluoro intermediate.

Meanwhile, the company appointed Anish Ganatra as chief financial officer and key managerial personnel of the company with effect from 9 February 2023 and Partha Roychowdhury resigned as interim chief financial officer and key managerial personnel of the company with effect from close of business hours of 8 February 2023. Roychowdhury shall continue to render his services to the company as chief executive officer of HPP Business.

On 7 February 2023, Navin Flourine reported consolidated net profit of Rs 106.56 crore in Q3 FY23, up 54.9% from Rs 68.79 crore in corresponding quarter last year. Net sales rose 48.7% year on year to Rs 563.58 crore in Q3 FY23.

EBITDA surged 58% to Rs 155.6 crore in Q3 FY23 as against Rs 98.6 crore in Q3 FY22. EBITDA margin rose by 159 bps to 27.6% in Q3 FY23 as compared with 26% in corresponding quarter last year, supported by capacity ramp up and product mix.

Navin Fluorine International is one of the largest integrated fluorochemicals complex in India. The company primarily focuses on fluorine chemistry - producing refrigeration gases, inorganic fluorides, specialty organofluorines and offers contract research and manufacturing services.

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