I see some of the clear growth levers from here for AGI Greepac:
- Post HNG acquisition, likely to double volumes and hopefully revenues in FY25 as new capacities come on board.
- Margin expansion to sustain from 18% to 24% in FY24
- Favourable product mix opportunity: 154 tons plant commissioning for high end cosmetic perfumery and high-end liquor, a very high-end segment
- Soda Ash (one of the major RM) prices seem to be heading down, which could again aid margins
In terms of anti-thesis, high debt could become a major issue.
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