Specialty chemicals company Tatva Chintan Pharma Chem announced Q4FY23 & FY23 results: Q4FY23 vs Q4FY22: Revenue from operation: Rs 1,245.11 million vs Rs 985.31 million, up 26.37% YoY EBITDA (Excl. Other Income): Rs 162.74 million vs Rs 219.94 million, down 26.01% YoY EBITDA margin: 13.07% vs 22.32% Profit before tax: Rs 78.02 million vs Rs 189.76 million, down 58.88% YoY Profit after tax: Rs 169.54 million vs Rs 175.09 million, down 3.17% YoY PAT margin: 13.62% vs 17.77% FY23 vs FY22: Revenue from operation: Rs 4,236.12 million vs Rs 4,336.47 million, down 2.31% YoY EBITDA (Excl. Other Income): Rs 605.81 million vs Rs 1,082.35 million, down 44.03% YoY EBITDA margin: 14.30% vs 24.96% Profit before tax: Rs 447.79 million vs Rs 1,041.21 million, down 56.99% YoY Profit after tax: Rs 454.87 million vs Rs 958.74 million, down 52.56% YoY PAT margin: 10.74% vs 22.11% Commenting on the results, Chintan Shah, Managing Director, said, “Over the past decade, the Indian chemical sector had been growing rapidly. However, FY23 had been a roller coaster year for most of the chemical industries. Despite all geopolitical uncertainties, the Indian chemical industry showed good resilience. Many of the challenges are set to persist in 2023. Against a backdrop of fear of global recession and expectation of muted demand till H1FY24, Tatva Chintan continues to remain fairly optimistic about achieving reasonable growth. Most of the key raw material prices have dropped by 15%-25% which is also translating into reduced prices of the finished products. So, this becomes a big challenge for us to achieve revenue growth. Also due to muted global demand across most of the sectors, we are seeing continuous cost pressures coming from customers which would translate into slightly lower spreads on margins. I feel Tatva Chintan is fortunate with the timing of the launch of new products on a commercial scale during this financial year and also with the gradual rebound in the SDAs demand. Despite the challenging year ahead and even with the reduced product pricing we anticipate to grow by 20%-30% in FY24. Also, we anticipate slightly improving the EBITDA margins due to forecasted change in the product mix.” Result PDF
Conference Call with Tatva Chintan Pharma Chem Management and Analysts on Q4FY23 Performance and Outlook. Listen to the full earnings transcript.
Conference Call with Tatva Chintan Pharma Chem Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript.
Specialty chemicals firm Tatva Chintan Pharma Chem announced Q3FY23 results: Consolidated Q3FY23 vs Q3FY22: Revenue from Operations for the quarter was Rs 1,206 million, increased by 15% EBITDA for the quarter was Rs 179 million, declined by 25% EBIDTA Margin for the quarter was at 15% Net Profit for the quarter was Rs 116 million, declined by 49% Net Profit Margin for the quarter was at 10% Basic and Diluted EPS for the quarter was Rs 5.24 per share 9MFY23 vs 9MFY22: Revenue from Operations for the nine months was Rs 2,991 million, declined by 11% EBITDA for the nine months was Rs 443 million, declined by 49% EBIDTA Margin for the nine months was at 15% Net Profit for the nine months was Rs 285 million, declined by 64% Net Profit Margin for the nine months was at 10% Basic and Diluted EPS for the nine months was Rs 12.87 per share Commenting on the results, Mr. Chintan Shah, Managing Director said during this quarter, the company reported revenue of Rs 1,206 million, a growth of 15% YoY and 34% QoQ respectively. As anticipated, improved offtake in SDA segment is reflected in numbers of this quarter. EBITDA during this quarter was Rs 179 million, a decline of 25% YoY and a growth of 60% QoQ respectively. Net Profit was Rs 116 million, a decline of 49% YoY and a growth of 63% QoQ basis. During the quarter, prices of basic chemicals and commodities continue to remain very high. We have witnessed rampant currency fluctuations across various geographies this quarter, particularly adverse movements in Euro and Yen. Keeping in mind our long-term partnerships and associations with select key customers belonging to these geographies, we marginally reduced the prices and, in few cases, opted not to ask for price increase and absorbed certain increased costs ourselves. During the quarter, the inventory at consolidated levels have come down from Rs 2,030 to Rs 1,762 million. During this quarter, there is a marginal decline in power/fuel costs, and significant drop in shipping cost since mid-November. The solvent prices have started to rationalize since Q3FY23. By demonstrating our capabilities to run specialized chemistries, we are seeing a consistent rise in the confidence and comfort of large customers. There have been developments in R&D;, plant scale trials in various product categories during the quarter. The key watch areas would remain how the European energy crisis roll out over the next few months and how the demand revival for heavy duty commercial vehicles pans out. Also, with the China economy opening up, it would be important to observe how quickly their business rebounds. We are happy to inform that the capex at our Dahej SEZ plant is completed and trial runs are underway. Please note that nearly 93% of the IPO funds have been utilized so far. The expansion of R&D; facility at Vadodara is on finishing stage. Result PDF
Tatva Chintan Pharma Chem announced Q2FY23 results: Consolidated: YoY Q2FY23 vs Q2FY22: Revenue from Operations for the quarter was Rs. 901 million, which declined by 27% EBITDA for the quarter was Rs. 112 million, which declined by 68% EBIDTA Margin for the quarter was at 12% Net Profit for the quarter was Rs. 71 million, which declined by 78% Net Profit Margin for the quarter was at 8% Basic and Diluted EPS for the quarter was Rs. 3.21 per share YoY H1FY23 vs H1FY22: Revenue from Operations for the half year was Rs. 1,785 million, which declined by 23% EBITDA for the half year was Rs. 264 million, which declined by 57% EBIDTA Margin for the half year was at 15% Net Profit for the half year was Rs. 169 million, which declined by 70% Net Profit Margin for the half year was at 9% Basic and Diluted EPS for the half year was Rs. 7.63 per share Commenting on Q2FY23 Results, Mr. Chintan Shah, Managing Director, said, EBITDA during this quarter was Rs. 112 million, a decline of 68% YoY and 27% QoQ. EBIDTA includes a forex loss of Rs. 31.85 million, so the actual operational EBIDTA during the quarter is Rs. 143.62 million which translates into an EBIDTA margin of 16%. Forex loss is mainly because of the MTM of the forward contract due to the depreciating rupee. PAT was Rs. 71 million, a decline of 78% YoY and 27% QoQ. Compared to the QoQ basis, the profitability has dropped due to an increase in costs such as power & fuel, packing and employee costs during this quarter Result PDF
Conference Call with Tatva Chintan Pharma Chem Ltd. Management and Analysts on Q1FY23 Performance and Outlook. Listen to the full earnings transcript.
Tatva Chintan Pharma Chem Announced Q1FY23 results: Consolidated (YoY Q1FY23 compared with Q1FY22): Revenue from Operations for the quarter was Rs 884 million, declined by 17% EBITDA (excluding other income) for the quarter was Rs 152 million, declined by 42% EBIDTA Margin for the quarter was at 17% vs 25% in Q1FY22 Net Profit for the quarter was Rs 98 million declined by 58% Net Profit Margin for the quarter was at 11% vs 22% in Q1FY22 Basic and Diluted EPS for the quarter was Rs 4.42 per share vs Rs 11.5 in Q1FY22 Commenting on Q1FY23 Results, Mr. Chintan Shah, Managing Director, said, "on a full year basis FY22, the total revenue was Rs 4,336 million, out of which SDA contributed Rs 2,248 million. The other three product categories viz. PTC, ES and PASC together contributed Rs 2,058 million for the whole year, so on an average the quarterly sales of these three categories put together was at Rs 515 million against this during Q1FY23 we have achieved revenue of Rs 818 million in these three product categories showing a growth of nearly 60% which clearly reflects the growth potential of PTC, ES and PASC." Result PDF