Navin Fluorine breaches 20% UC

Navin Fluorine had closed yesterday at Rs.1414.50 and today it zoomed up 20%, breaching the upper circuit at Rs.1697.25. And this was accompanied by volumes rising some 6.5 times.

The company has entered into a partnership with US based Honeywell for refrigerant production technology to make Solstice yf which is known as hydrofluoro-olefin refrigerant. This product has the potential to reduce global warming to lower than 1.

Navin will make Solstice yf in India exclusively for Honeywell and production is expected to begin by Dec’16.

Navin Florine did well for Q3FY16. On a 32% (YoY) rise in net sales at Rs.145 crore, the company’s net profit doubled up to Rs.14 crore from Rs.7 crore in previous Q3. The rise in sales and interest costs coming down from Rs.17 lakh from Rs.1.4 crore helped the company post this doubled up net profit. EBITDA for the quarter came in at Rs.19 crore v/s Rs.13 crore, a rise of 46% and margins rose from 12% to 13%.

This Gujarat based Arvind Mafatlal group company was recognized as one of the largest players in carbon credits. But with that business now over, the company now earns from its mainfray - refrigeration gases, Chemicals/ Bulk Fluorides and Specialty Organofluorines with manufacturing facilities at Surat, Gujarat and Dewas, Madhya Pradesh. On an equity of Rs.9.76 crore, the 9M EPS stands at Rs.33 and reserves stands at a healthy Rs.532 crore.