In a commodity business you have to undergo through both the ends of pendulum swing. Sales and margins of the Company were phenomenal during last 3 years and they are bound to revert to mean which is also evident from last 10 year figures so nothing surprising.
Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
OPM % 17% 12% 13% 8% 8% 11% 9% 7% 10% 17% 18% 19% 16%
Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023
OPM % 20% 14% 15% 17% 15% 12% 18% 25% 24% 18% 17% 17% 12%
With the Commissioning of Ammonia Plant now onwards Depreciation & Interest from Ammonia plant will hit the bottom line without any incremental contribution(top line or bottom line) at the current stage. Further, there is a downward trend accros the chemical sector where even so called specialty chemical business are also not being spared…
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