Specialty Chemicals company Jubilant Ingrevia announced H1FY25 & Q2FY25 results Q2FY25 Financial Highilights: Total Revenue: Rs 1,045 crore, QoQ change +2.0%, YoY change +2.5%. Total EBITDA: Rs 135 crore, QoQ change +13.4%, YoY change +7.0%. EBITDA Margin (%): 13%, QoQ change +21.1%, YoY change +2.6%. Profit After Tax: Rs 59 crore, QoQ change +21.1%, YoY change +2.5%. Profit After Tax Margin (%): 6%, QoQ change +21.1%, YoY change +2.5%. Basic and Diluted EPS: Rs 3.7, QoQ change +19.4%, YoY change +2.8%. H1FY25 Financial Highilights: Total Revenue: Rs 2,070 crore, YoY change -1.2%. Total EBITDA: Rs 254 crore, YoY change +1.1%. EBITDA Margin (%): 12%, YoY change 0.0%. Profit After Tax: Rs 108 crore, YoY change -6.3%. Profit After Tax Margin (%): 5%, YoY change 0.0%. Basic and Diluted EPS: Rs 6.8, YoY change -6.8%. Shyam S Bhartia Chairman & Hari S Bhartia Co-Chairman said: “We are pleased to announce a healthy QoQ & YoY growth for the quarter, fueled by the enhanced performance of our Speciality Chemicals and Nutrition & Health Solutions Businesses, as well as the advantages gained from cost-saving measures implemented over the last few quarters. Markets Update: Globally, the Chemical markets are gradually improving in 2024 with volumes showing a marginal growth over last year. We are witnessing the same in our businesses. The Pharmaceutical end-use segment continues to experience steady demand, supported by stable pricing and volume placements. Our Pharma folio in Fine Chemicals business reflects the same sentiments. We continue to face pressure in the Acetyls business though, due to low demand in the Paracetamol segment. The Agrochemical sector is beginning to show some signs of improvement. The excess inventory situation is gradually resolving and volumes are recovering in Pyridine based products. We are optimistic that this steady recovery will continue over the coming quarters. In the Nutrition Segment, demand remained steady, with Niacinamide volumes showing an upward trend and prices rising during the quarter. Meanwhile, Choline demand remained stable, although pricing pressure continued due to high imports. Business Update: In the Speciality Chemicals Business, we saw a notable increase in volumes of high-margin Fine Chemicals business in both QoQ and YoY. The Pyridine & Picolines segment showed material YoY growth driven by higher volumes. The CDMO business continues to show good traction with customers across pharma, agrochemicals and semi-conductor segments (early stage). In the Nutrition and Health Solutions Business, significant YoY and QoQ growth was driven by increased volumes and prices of Niacinamide. Margin growth was boosted by better product mix with higher share of volumes (versus last quarter) from human grade products. In the Chemical Intermediates Business, QoQ growth was attributed to an increase in volumes of Ethyl Acetate and Acetic Anhydride. However, the YoY performance declined mainly due to lower prices. Agrochemical CDMO Update: We are excited to share that we have signed a five-year agreement with a multinational Agro-innovator to produce a key intermediate for one of their strategic agrochemicals. Jubilant Ingrevia Limited will manufacture this intermediate using the MNC's proprietary technology. As a result of this contract, the company anticipates a significant increase in overall revenue share from its agrochemical CDMO business post commencement of production. World Economic Forum- Global Lighthouse Network Update: We are glad to announce our inclusion in the prestigious Global Lighthouse Network (GLN) of the World Economic Forum (WEF). The WEF has recognised Jubilant Ingrevia Limited’s Bharuch manufacturing facility as a Global Manufacturing Lighthouse, making us the only Indian company to achieve this distinction in this cohort. Over the past few years, we have made significant investments to digitally transform our plants, and the results are evident in enhanced efficiency, environmental performance, and safety measures. We are grateful to the WEF for their ongoing partnership in this journey. Future Outlook: We expect to see improvements in our overall business performance in FY25, particularly within Speciality Chemicals and Nutrition & Health Solutions segments. Consistent with last few quarters, our primary focus remains on customer-centricity, utilising the newly commissioned plants, enhancing operational efficiency leading to further improvement in margins. We expect sequential improvement in performance in Q3 and Q4, with H2FY25 to be even better vs. H1FY25. We are committed to our growth plans through our ambitious Pinnacle 345 vision of achieving three times revenue and four times EBITDA within five years.” Result PDF
Conference Call with Jubilant Ingrevia Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Speciality Chemicals company Jubilant Ingrevia announced Q1FY25 results: Total Revenue: Rs 1,024 crore Change QoQ: Decreased by 5% Change YoY: Decreased by 5% Total EBITDA: Rs 119 crore Change QoQ: Increased by 18% Change YoY: Decreased by 5% EBITDA Margin: 12 Profit After Tax: Rs 49 crore Change QoQ: Increased by 67% Change YoY: Decreased by 15% Profit After Tax Margin: 5% Basic and Diluted EPS (Rs.): Rs 3.1 Change QoQ: Increased by 67% Change YoY: Decreased by 15% The capex for the quarter was Rs 116 crore, which was primarily funded through internal accruals Net Working Capital ‘Percentage to Turnover’ for Q1FY25 was lower at 18.6% as against 20% in Q1FY24 Reduced Number of days of Working capital to 68, as against 73 in Q1FY24 Shyam S Bhartia Chairman & Hari S Bhartia Co-Chairman, said: "We reaffirm our expectation of witnessing improvements in all three business segments in FY25 over FY24. Like last quarter, our key focus remains customer-centricity, ramping up the newly commissioned plants, remaining lean and bringing back the margins to normal levels. We are focused towards keeping the costs in control through our Project Lean and are on track to source renewable energy for our long-term energy requirements, which also underscores our firm commitment towards sustainability & environment. We continue to see increasing utilisation of our newly created plants, and we remain on track with our capex plans towards investing in high-potential product categories to deliver on our bold vision of Pinnacle 345 i.e. 3 times Revenue, 4 times EBIDTA, in 5 years.” Result PDF
Conference Call with Jubilant Ingrevia Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.