Navin Fluorine International posted a 29.7% rise in consolidated net profit to Rs 58.89 crore on a 18.7% rise in net sales to Rs 309.1 crore in Q3 FY21 over Q3 FY20.The chemical maker registered a 17.4% rise in profit before tax to Rs 79 crore in Q3 FY21 from Rs 67.29 crore in Q3 FY20. Current tax expense spiked by 19.7% to Rs 24.33 crore in Q3 FY21 over Q3 FY20.
Consolidated operating EBITDA jumped 23% YoY to Rs 80.5 crore in Q3 FY21 from Rs 65.5 crore in Q3 FY20. EBITDA margin improved by 90 basis points to 26% in Q3 FY21 from 25.1% in Q3 FY20.
Shares of Navin Fluorine were down 0.25% at Rs 2562. Navin Fluorine International is one of the largest manufacturer of fluorochemicals in India. The company has four strategic business units: Refrigeration Gases, Inorganic Fluorides, Speciality Fluorides & Contract Research and Manufacturing Services (CRAMS).
Navin Fluorine jumped 4.8% to Rs 2,618.50 after the chemicals maker announced that its board has approved capital expenditure for setting up of a multi-purpose plant (MPP) with an outlay of Rs 195 crore.
The capex will be undertaken by it s wholly owned subsidiary, Navin Fluorine Advanced Science (NFASL) at Dahej, Gujarat and will be funded through a mix of internal accruals and debt. The company said its new capacity is expected to come on stream during H1 of FY23 and will create opportunities for new products in life science and crop science sectors in the specialty chemicals business.
Commenting on the development, Radhesh Welling, MD of Navin Fluorine International said, This investment will lay foundation for the next phase of growth of our Specialty Chemical business. It will help us enhance our product offerings and strengthen our customer relationships along with providing building blocks for future growth.