Himadri Speciality Chemical announced Q3FY24 results: Financial Highlights: Sales Volume: The company reported its highest-ever sales volume, with 1,24,024 MT in Q3FY24 compared to 98,107 MT in Q3FY23, up 26% YoY. EBITDA: Significant growth was seen in EBITDA, which surged to Rs 169 crore in Q3FY24 from Rs 106 crore in Q3FY23, up 59% YoY. Revenue: Himadri achieved a revenue of Rs 1,053 crore in Q3FY24, in comparison to Rs 1,037 crore in Q3FY23, up 1% YoY. Profit After Tax (PAT): PAT showed a robust jump of 71% YoY, reaching Rs 108 crore in Q3FY24 from Rs 63 crore in Q3FY23. Achievements and Recognition: EcoVadis Silve r Medal: Himadri was awarded the EcoVadis Silver medal, ranking them in the top 23% of the highest-rated companies in the world. Strategic Developments: LFP Cathode Active Material Plant: Announced the construction of a 40,000 MTPA LFP Cathode Active Material plant with an operational timeline of 27-36 months and a future vision to scale the capacity to 200,000 MTPA in the next 5-6 years. Acquisition of Birla Tyres: Himadri's strategic acquisition aimed at forward integration, focusing on delivering high-margin niche products through the Birla Tyres brand. Commenting on the results and performance, Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical, said, "I am extremely happy to share with you all that we have once again delivered a quarter of strong and sustainable performance. Our core business is delivering strong cashflows quarter after quarter backed by our rich legacy, strong customer relationships, quality-led production and continuous innovation. Our profit improvements are the result of in-house technology leading to cost optimization while delivering competitive cost and superior value proposition to our customers. With our product innovation, we are consistently making a shift towards higher value-added products. We are working on a dual strategy of Growth and Sustainability. I am pleased to inform you all that Himadri Speciality Chemical Ltd has recently been awarded with EcoVadis Silver medal. This recognition ranks Himadri in the top 23% of the highest-rated companies in the world amongst more than 100,000+ rated companies. We announced a capex of building the first commercial plant of 40,000 MTPA of LFP Cathode Active Material in December 2023 which will be operational in the next 27-36 months. We are the Pioneers in Innovation and Sustainable Growth in the Cathode Material Landscape and have a vision to scale up the capacity to produce 200,000 MTPA in phases in the next 5-6 years. This has been possible because of the relentless efforts of our in-house R&D; team which is continuously working on developing next-generation products in both Cathode Active Material and Anode Active Material. Simultaneously, we are also progressing well in our supply chain relationships, capabilities to manufacture at scale and customer relationships. Another growth driver in the coming years is the turnaround of our joint acquisition of Birla Tyres Limited. The acquisition was a part of the forward integration strategy for Himadri where we will move towards the end customers by leveraging the strong brand of Birla Tyres. We target to offer high-margin niche products which will generate higher returns to the stakeholders. We are excited about the growth drivers that we have for Himadri for the next few years. We are committed to building a sustainable business with a robust product pipeline, a strong clientele, and cutting-edge technologies. Our focus on serving diversified end markets, achieving product leadership, and making continuous financial progress will further drive our growth and success." Result PDF
Himadri Speciality Chemical announced Q2FY24 results: Financial Performance 1. Himadri Speciality Chemical reports a quarterly profit after tax (PAT) of over Rs 100 crore, crossing a significant milestone. 2. The company achieved a revenue of Rs 1,059 crore in Q2FY24, showing a strong growth of 11.5% compared to the previous year. 3. Himadri recorded its highest-ever sales volume of 1,10,211 MT in Q2FY24, indicating increased market demand and business growth. 4. EBITDA for the quarter stood at Rs 131 crore, showcasing a notable growth of 63.6% compared to the previous year. Sustainability and Corporate Social Responsibility (CSR) 1. Himadri emphasizes sustainability and has implemented a robust Environment, Social, and Governance (ESG) framework to align with global standards. 2. The company has set ambitious goals to achieve net-zero emissions by 2050, with interim targets for 2025 and 2030. The current performance suggests being ahead of annual objectives. 3. Himadri has launched a zero-accident vision to prioritize workplace safety and maintain best-in-class safety standards. 4. The company focuses on developing cutting-edge solutions that meet customer needs while minimizing environmental impact. Business Strategy and Product Development 1. Himadri's business strategy to move towards value-added products has resulted in significant improvements in profitability. 2. The company's research and development team has made progress in developing products for the lithium-ion battery (LiB) value chain, including Cathode Active Material and Anode Active Material. 3. Himadri aims to enhance LiB performance and safety through continued investment in R&D; and strategic global partnerships. 4. The growing demand for batteries, driven by the need to reduce climate change through electrification, presents exciting opportunities for Himadri. Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd, said, "I am extremely happy to share with you all that Himadri in Q2FY24 has achieved a milestone of crossing Rs 100 crore of PAT. Sustainability has always been at the heart of our operations. With our expanding global footprint, we have built a robust ESG framework. We have already set ambitious goals to achieve net-zero emissions by 2050 with interim targets for 2025 and 2030. As per our present performance status, we are ahead of our annual objective." Result PDF
Himadri Speciality Chemical announced Q1FY24 results: Q1FY24 vs Q1FY23: Revenue: Rs 951 crore vs Rs 1,047 crore, down 9.1% YoY EBITDA: Rs 131 crore vs Rs 85 crore, up 54% YoY PBT: Rs 120 crore vs Rs 48 crore, up 149.5% YoY PAT: Rs 88 crore vs Rs 39 crore, up 125.2% YoY Commenting on the results and performance, Anurag Choudhary, CMD of Himadri Speciality Chemical said: "We are pleased to announce the robust performance of Himadri in Q1FY24. Our performance during this period is attributable to the consistent move towards value-added products. At Himadri, sustainability is at the forefront of our business. Our business priorities are aligned with global sustainability goals. We have completed our materiality assessment and defined sustainability priorities and goals for the organisation. We recognize the pivotal role of lithium-ion batteries (LiB) in driving sustainable growth in the foreseeable future. The LiB technology has evolved and stabilized over the last few decades to become commercially feasible across all segments viz. electric vehicles, energy storage, and consumer electronics. Other alternative technologies will undergo a development curve to attain technical and commercial feasibility. LiB will be a frontrunner technology and a key global growth driver for the next few decades. With our continued investment in research and development, we aim to enhance LiB performance, safety, and recyclability, ensuring they play a critical role in shaping a greener and more sustainable world. We are actively positioning ourselves to cater to a significant portion of the global demand for LiB raw materials. To accomplish this, we are strategically building a robust supply chain that aligns with our vision of sustainable and growth-focused business practices. In line with our commitment to exploring innovative technologies, we have recently made a strategic investment in Sicona Battery Technologies, based in Sydney. Sicona specializes in high-capacity silicon anode technology for lithium-ion batteries, which enables electric mobility and renewable energy storage. This investment aligns with our vision to produce high-quality anode materials and reinforces our commitment to staying at the forefront of battery material advancements. As we move forward, we remain committed to building a sustainable business with a robust product pipeline, a strong clientele, and cutting-edge technologies. Our focus on serving diversified end markets, achieving product leadership, and making continuous financial progress will further drive our growth and success." Result PDF
Himadri Speciality Chemical announced Q4FY23 & FY23 results: Q4FY23: Sales volume increased by 1.3% to 99,989 MT in Q4FY23 Revenues increased by 23.4% to Rs 1,029 crore in Q4FY23 EBITDA increased by 122.5% to Rs 122 crore in Q4FY23 PAT increased by 261.7% to Rs 77 crore in Q4FY23 FY23: Revenues increased by 49% to Rs 4,172 crore in FY23 EBITDA increased by 153% to Rs 408 crore in FY23 PAT increased by 219% to Rs 208 crore in FY23 Net Debt to Equity at 0.1x Commenting on the results and performance, Anurag Choudhary, CMD of Himadri Speciality Chemical Ltd said: "We are pleased to report robust performance with highest-ever revenue in FY23. Our strong focus on core businesses and our ongoing commitment to providing value-added products, coupled with our investment in R&D;, innovation, and improvements to our business model, have consistently led us to achieve sustainable results and grow our profitability. India's push for green economy is driving significant growth in the electric vehicle (EV) industry. To reduce dependence on imports, the government is emphasizing the need for localized battery production, as currently, substantial part of lithium-ion cell requirements are being imported. At Himadri, we are delighted to remain at the forefront of massive transition towards a green economy, aligned with India’s vision of becoming a self-reliant nation (Atmanirbhar Bharat) and reducing carbon emissions. Over the years, Himadri has created a strong product portfolio, improved facilities for advanced R&D; and relied on world-class know-how to build a futuristic organisation. Our deep domain knowledge, coupled with an innate ability to imbibe change and foster novel approaches has kept us a step ahead of the competition. Along with this, our core business is performing well, and we remain committed to improving our financial position. We continue to make progress and have significantly deleveraged our balance sheet by reducing debt substantially. We are confident that with our strong business model and strategic focus, we will continue to achieve sustainable growth in the future." Result PDF
Himadri Speciality Chemical announced Q2FY23 results: Revenues increased by 64% to Rs. 1059 crore in Q2FY23 EBITDA increased by 177% to Rs. 95 crore in Q2FY23 PBT increased by 348 % to Rs. 66 crore in Q2FY23 Net Debt to Equity at 0.36X Commenting on the results and performance, Mr. Anurag Choudhary, CMD of Himadri Speciality Chemical Ltd said: “This was another quarter of excellence at Himadri Specialty Chemicals Limited which is undergoing a transformation. During this quarter, we successfully launched new grades of specialty carbon blacks. We have a portfolio of differentiated products that will be used in Electric Vehicles (EVs) and Energy Storage Solutions markets, which are expected to grow by double digits over the next decade. Himadri will address substantial part of the critical raw material requirements of Lithium-Ion Batteries in future as we unfold our plans in these business segment. Our core businesses have also reported strong results in the last quarter. Revenues have increased by 64%, EBITDA by 177% and PBT before exceptional items has increased by 348% as against the same quarter in the last year. This gives us great confidence in the strength of the business model that we have developed over the years. We are steadily progressing towards achieving our set goals by strengthening our balance sheet. In the last two and half years, we have significantly reduced our longterm debt. Working Capital requirements of the business has increased; however, working capital days have reduced from 153 days in FY21 to 108 days in the current quarter. We are constantly working to reduce further in the ensuing quarters. Sound Financial health of our company will help us undertake future expansions in the high growth segments. The demand for our products in the core businesses continues to remain strong and the outlook is extremely positive. We believe with increased enquiries for our products in EV segment will help us deliver accelerated performance in the next few years. We remain confident of our growth potential and business opportunities that each of our business segments has and are very optimistic about our growth story.” Result PDF