Navin Fluorine International's (Navin's) Q1FY14 revenues were below while earnings were above CRISIL Research's expectations. Overall revenues declined by 27 percent y-o-y; core business revenues dipped 16 percent y-o-y to Rs 1.1 bn (due to muted demand) and, as expected, there were no revenues from the sale of carbon credits. EBITDA margin contracted by 401 bps y-o-y to 15.6 percent due to no carbon credit income but core business EBITDA margin improved by ~630 bps. The company reported PAT of Rs 134 mn (down 31 percent y-o-y). Further slowdown in demand for refrigerants and specialty chemicals (~68 percent of the core business) is a monitorable. We maintain the fundamental grade of 3/5.
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