AARTIIND · Chemicals
Aarti Industries Ltd. reported revenue of ₹1,773 cr for January to March 2024, — on the year and +2.4% on the quarter.
Operating profit (EBITDA) was ₹284 cr, a margin of 16.0%, — on the year and +106 bps on the quarter.
Net profit was ₹132 cr, — on the year and +6.5% on the quarter, with earnings per share of ₹3.64.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹11.50 over the last four quarters, the stock at ₹505.50 trades at 44.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹126 cr; tax −₹6.3 cr, a credit.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,732 cr | ₹1,773 cr | ₹1,851 cr | ₹1,628 cr | ₹1,843 cr | ₹1,949 cr | ₹1,675 cr | ₹2,100 cr | ₹2,318 cr | ₹2,205 cr | ₹2,387 cr | ₹3,669 cr |
| YoY | — | — | +31% | +12% | +6% | +10% | −10% | +29% | +26% | +13% | +43% | +75% |
| EBITDA margin | 15.0% | 16.0% | 16.5% | 12.1% | 12.5% | 13.4% | 12.7% | 13.9% | 13.8% | 15.5% | 16.0% | 11.2% |
| Other income, % of PBT | 7% | −1% | 4% | 21% | 13% | 3% | 10% | 24% | −11% | 1% | 3% | 3% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | −7% | −5% | 6% | — | −15% | −9% | −2% | −14% | −13% | −23% | 14% | 17% |
| Net profit | ₹124 cr | ₹132 cr | ₹137 cr | ₹52.0 cr | ₹46.0 cr | ₹96.0 cr | ₹43.0 cr | ₹106 cr | ₹133 cr | ₹137 cr | ₹155 cr | ₹168 cr |
| YoY | — | — | +96% | −43% | −63% | −27% | −69% | +104% | +189% | +43% | +260% | +58% |
| Core profit YoY | — | — | +96% | −67% | −68% | −33% | −73% | +163% | +274% | +29% | +361% | +177% |
| EPS | ₹3.42 | ₹3.64 | ₹3.78 | ₹1.43 | ₹1.27 | ₹2.65 | ₹1.19 | ₹2.92 | ₹3.67 | ₹3.78 | ₹4.27 | ₹4.63 |
| Flags | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 2 | 1 | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Aarti Industries Ltd. reported revenue of ₹1,773 cr (— on the year) and net profit of ₹132 cr (— on the year) for January to March 2024.
1 check raised a question: A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
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