On Friday’s early trade, the shares of the largest integrated fluorochemicals producers fell 14.5 percent to a 52-week low of Rs 3,726.65 after the company’s Managing Director Radhesh R Welling resigned from the post.
At 10:30 a.m., Navin Fluorine International Limited shares were trading at a price of Rs 3,775 a share, down Rs 582.20 or 13.37 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 18,624 crore.
According to a regulatory filing, Mr. Radhesh R. Welling, the Company’s Managing Director and a Director on the Board of the Company, submitted his resignation for personal reasons. His resignation was approved by the Board of Directors during its meeting on Thursday.
Mr.Radhesh will be relieved from the services of the Company effective from December 15, 2023. In the meantime, the Company intends to select a senior professional Mr. Vishad P. Mafatlal, Executive Chairman to serve as Managing Director.
Navin Fluorine’s revenue has increased by 24 percent yearly, from Rs 397 crore in Q1FY23 to Rs 491 crore in Q1FY24. In the same time frame, the company’s net profit declined by 17.5 percent, from Rs 74 crore to Rs 61 crore.
The Company’s return on equity increased from 14.26 percent in FY22 to 17.17 percent in FY23, while the return on capital employed rose from 17.29 percent to 17.40 percent during the same period.
Navin Fluorine’s margins are in a strong position with a net profit margin of 18.06 percent and an operating margin of 25.19 percent.
According to the recent shareholding pattern, the company promoters hold 28.81 percent of the company, while Foreign institutional investors hold 18.85 percent and domestic institutional investors hold a 25.97 percent stake.
Navin Fluorine International Ltd manufactures refrigeration gases, inorganic fluorides, and specialized organofluorines, as well as provides contract research and development services.
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
