Other food products firm Manorama Industries announced Q3FY23 results: Q3FY23: The Company has registered highest ever quarterly sales in Q3FY23, revenues grew by 39% YoY which stood at Rs 953.8 million as compared to Rs 687.3 million same period last year This performance was despite rise in one of the raw material shea nuts prices globally along with lower realizations on by products Reported a very strong absolute EBITDA growth of 72% year on year which stood at Rs 152.1 million as compared to Rs 88.6 million in the same period last year EBITDA Margins too improved by 307 bps year on year and 95 bps sequentially which stood at 15.9%. Improving realizations and cooling ocean freight prices has aided to EBITDA and margins recovery. Reported a PAT of Rs 71.6 million, which was marginally impacted due to higher depreciation and finance cost. PAT margin for the quarter stood at 7.5% Cash PAT for the quarter grew by 33% year on year which stood at Rs 102.9 million Commenting on the results and performance, Mr. Gautam Kumar Pal, Managing Director said: "Concerns about slowdown in global economies led to a volatile operating environment. Despite these challenges, Manorama registered best ever quarterly sales enabled by a strong product demand coupled with extensive distribution network which services end to end requirements of its clients. The Company's revenue for the third quarter grew by 39% year on year which stood at Rs 953.8 million while EBITDA grew by a very strong 72% which stood at Rs 152.1 million as compared to Rs 88.6 million in the same period last year. EBITDA Margins too improved by 307 bps year on year and 95 bps sequentially which stood at 15.9%. Improving realizations and cooling ocean freight prices has aided to EBITDA and margins recovery. Our new Refinery & Fractionation plant along with its supporting infrastructure is expected to commission in Q1FY24 and ramping up of this new facility will gradually begin thereafter. Post this expansion our combined capacity is expected to deliver strong topline growth and will also benefit in reducing costs. Despite multiple challenges, we were successful in commissioning our new Solvent Extraction plant and Boiler plant along with construction of Warehouses/Go-downs well within the stipulated timelines. As on December 31, 2022 the Company has spent Rs 906.1 million on Capital Expansion. Demand for our products continues to remain strong, however going forward the Company will remain more focused on cost rationalization, operational improvements and working capital management to maximize cashflows." Result PDF
FMCG company Manorama Industries announced Q2FY23 results: Q2FY23: In Q1FY23, we had undertaken a temporary maintenance shutdown of our plant operations which did not have a significant impact on the revenues in Q1 due to the adequate inventory buffers. However, due to lower production, business performance was marginally impacted in Q2FY23. The performance would have been significantly better if the plant would have remained operational for the entire period. Reported an absolute EBITDA growth of 31% YoY. However, EBITDA saw a marginal decline due to a rise in rice husk/fuel costs. Finance costs for the quarter increased due to RBI's hike in key interest rates. Reported a PAT of Rs 58.5 million. PAT margin for the quarter stood at 7.24% Commenting on the results and performance, Mir. Gautam Kumar Pai, managing Director said: “The world began to overcome the pandemic’s obstacles gradually and steadily. As the economy recovered, we at Manorama, remained consistent with our performance and have delivered resilient growth in H1FY23. Our revenue for the period grew by 16% which stood at Rs 1,536.8 million while EBITDA for the period grew by 33% which stood at Rs 247.5 million as compared to Rs 185.4 million in the same period last year. EBITDA margins too improved by 213 bps YoY which stood at 16.10%. During Q1FY23, we had undertaken a temporary maintenance shutdown of its plant operations which did not have significant impact on the revenues due to the adequate inventory buffers. However, due to lower production, business performance was marginally impacted in Q2FY23. The performance would have been significantly better if the plant would have remained operational for the entire period. Our brownfield will help establish ourselves as one of the major Indian producers in the global CBE and specialised butter & fats industry, and we will be able to further scale up our output to meet global demand. Cumulatively the company has spent Rs 703.8 million on capacity expansion. Additionally, to enhance the distribution network we plans to set up sales offices in other geographies to gain a better understanding of the market. We are fully committed to the long-term vision and geal to provide the highest level of customer satisfaction by developing host of an innovative range of products in the cocoa butter equivalent, speciality fats, and butter segments." Result PDF
Food Products firm Manorama Industries announced Q1FY23 Result : During the quarter, the Company had undertaken temporary maintenance shutdown of its plant operations from 13th May to 5th June 2022. This did not have significant impact on the revenues due to inventory stockpile. However, due to lower production, business performance will be marginally impacted in Q2FY23. Reported an absolute EBITDA growth of 36% YoY and 9% QoQ, while the EBITDA Margins improved 225bps YoY and 242bps QoQ. This is in line with the company’s EBITDA margin improvement guidance of 100 to 200 bps in FY23 Undertaken several measures to offset the impact of inflation through calibrated price increases and cost-cutting initiatives which has also resulted in better margin delivery Reported a PAT of Rs. 67.7 million, an increase of 27% percent year on year. PAT margin for the quarter stood at 9.28% compared to 8.79% over the same period last year. Commenting on the results and performance, Ms. Vinita Saraf, Chairperson and Managing Director said: “For the quarter gone by, the Company has focused on achieving operational excellence, product innovation, and R&D; which has helped it achieve revenue growth of 18% and an EBITDA growth of 36% as compared to the same period last year. Revenue for the quarter stood at Rs. 729.7 million while EBITDA stood at Rs. 126.1 million. EBITDA Margins for the quarter improved by 225 bps Y-o-Y and 242 bps Q-o-Q which stood at 17.28%. During the quarter, the company had undertaken a temporary maintenance shutdown of its plant operations from 13th May to 5th June 2022. This did not have a significant impact on the revenues due to the inventory stockpile. However, due to lower production, business performance will be marginally impacted in Q2FY23. On the brownfield capex front, the Company has successfully installed the new Solvent Extraction and the Boiler plant along with the completion of a new warehousing facility during the quarter. Additionally, the Construction of the Refinery, Fraction plant, Packaging line, and other supporting infrastructure is progressing well and is expected to be completed well within the stipulated timelines. As of 30th June 2022, the Company has spent Rs. 661.2 million. The commissioning of the new plant and the resultant capacity expansion will make the Company a leading Indian manufacturer in the global CBE and specialty butter & fats market. The new capacity addition will also enable the Company to address the global demand-supply gap. Going forward the Company will continue to strengthen its leadership position on the back of innovative products resulting in strengthened market share and strong growth momentum.” Result PDF
Food products company Manorama Industries declares Q4FY22 result: The Company's Employee costs increased as it has inducted employees at various key managerial positions to drive the business growth in the future. Other expenditures, which primarily include Processing/Job Working Charges, Freight and Logistics, and Packaging Expenses, among others, significantly increased due to the ongoing inflationary environment. The company attempts to offset the impact of inflation through calibrated price increases and cost-cutting initiatives and has reached an agreement with Transgraph to optimize the costs. The company was able to report a PAT of Rs. 241.5 million, an increase of 66% percent year on year. PAT margin for FY22 stood at 8.7% compared to 7.2% in FY21. Commenting on the results and performance, Ms. Vinita Saraf, Chairperson, and Managing Director Said: “I am very pleased to report that our company has maintained consistent performance throughout FY22. Despite the pandemic and the resulting supply chain challenges, the Company's operational excellence, constant focus on product innovation, and R&D; have contributed to its leadership position in the manufacturing, processing, and supply of exotic butters and specialty fats. We are happy to state that our perseverance and resilience have helped us not only get through these difficult times, but also achieve a healthy revenue growth of 38% year on year. Our revenue for the financial year ended March 31,2022 stood at Rs. 2,791 million, up from Rs. 2,026 million in the same time last year. Our EBITDA for the year stood at Rs. 389 million, representing a 12% increase year over year. Due to the current inflationary environment, our EBITDA margins stood at 14%. However, with corrective actions in place to address the near-term supply chain and cost challenges, we expect performance to improve further in FY23 and beyond. For FY23 the company expects to achieve a revenue of Rs.3,500 — 3,750 million and an EBITDA margin expansion of 100-200 bps. The Company’s ongoing capex is on schedule and is under different stages of implementation. This capex is expected to come on stream by Q3FY23. As on 31st March 2022 the company has spent Rs. 573.52 million on the same. Going forward, we will continue to serve the requirements and offer innovative solutions to our customers which in turn will drive valuable growth for them as well as our stakeholders.” Result PDF
Food Products company Manorama Industries declares Q3FY22 result: The Company’s revenue for the quarter ended December 31, 2021 stood Rs. 687.3 million, an increase of 6% year over year. However, the EBITDA for the quarter degrew by 22% year on year, while EBITDA margin stood at 12.9% The following factors impacted the drop in our operational profitability The Company’s Employees costs also saw a marginal increase sequentially as we have inducted employees at various key managerial positions to drive the further growth of the business Other expenditures which majorly include Processing/Job Working Charges, Freight and Logistics, and Packaging Expenses etc. increased by 66% year on year. Processing Fees - The firm does job work for some of its products which is recorded up front in Q3FY22 P&L.; However, due to supply chain delays the company was unable to deliver the required quantity, resulting in a cost increase. This is expected to normalise in coming fiscal Freight, Logistics and Packaging - Throughout the quarter, the Company witnessed unprecedented inflationary logistical cost pressures and rise in packaging material costc which contributed significantly to the decline in EBITDA The company is trying to mitigate the impact of inflation partially through calibrated pricing increases and cost-cutting measures, and has struck an agreement with Transgraph to decrease inflation risk Despite inflationary cost pressures, the company was able to report a PAT of Rs. 57.1 million as compared to Rs. 52.6 million registering a growth of 8% year on year PAT margin for Q3FY22 stood at 8.30% compared to 8.10% in Q3FY21 Improvement in PAT was led by reduced Finance cost and increased other income Result PDF