Specialty Chemicals company Chemplast Sanmar announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Revenue from Operations: Rs 1,151 crore in Q4FY25 vs. Rs 1,051 crore in Q4FY24 — up 10% EBITDA: Rs 37 crore in Q4FY25 vs. Rs 21 crore in Q4FY24 — up 75% EBITDA Margin: 3% in Q4FY25 vs. 2% in Q4FY24 — up 100 bps PAT: (Rs 54 crore) loss in Q4FY25 vs. (Rs 31 crore) loss in Q4FY24 FY25 Financial Highlights: Revenue from Operations: Rs 4,346 crore in FY25 vs. Rs 3,923 crore in FY24 — up 11% EBITDA: Rs 219 crore in FY25 vs. Rs 26 crore in FY24 — up 747% EBITDA Margin: 5% in FY25 vs. 1% in FY24 — up 400 bps PAT: (Rs 110 crore) loss in FY25 vs. (Rs 158 crore) loss in FY24 Commenting on the results, Ramkumar Shankar, Managing Director, said, “During FY25, the company has improved its performance as compared to FY ‘24 with sales increasing by 11% from Rs. 3,923 crores in FY ‘24 to Rs 4,346 crores in FY ‘25, led by production ramp-up of new Specialty Chemicals capacities at Cuddalore & Berigai, Tamil Nadu. The EBITDA improved from Rs. 26 crores to Rs. 219 crores, largely driven by better pricing and margins in both Paste PVC and Suspension PVC (especially in the first quarter of FY ‘25), stronger performance in the CMC segment and higher output from the new Cuddalore Paste PVC facility. However, the company’s profitability continues to be impacted by dumping of both Suspension and Paste PVC into India. While ADD has been imposed on Paste PVC imports from certain countries, continued dumping from the EU has created pressure on prices. This is being investigated and the outcome is expected in the next few months. The ADD on Suspension PVC remains pending due to ongoing legal proceedings. The company remains hopeful of a favorable resolution in both proceedings. The company is also pleased to announce a greenfield capex of ~ Rs 340 crore for the production of R32 refrigerant gas. This project, along with the ongoing MPB expansion under the CMC business, reinforces its strategy to grow in the specialty chemicals space. Looking ahead, the company remains optimistic about stronger demand and improved pricing coupled with higher volumes from inventory liquidation and consistent operation at higher rates of the newly expanded capacities, supported by policy measures and targeted investments in high-return, sustainable businesses.” Result PDF
Specialty Chemicals company Chemplast Sanmar announced Q3FY25 results Revenue from Operations for Q3FY25 stood at Rs 1,058 crore, a 19% YoY growth from Rs 888 crore in Q3FY24. EBITDA improved to Rs 32 crore in Q3FY25, compared to Rs (7) crore in Q3FY24, with EBITDA margin at 3% versus -1% last year. PAT loss narrowed to Rs (49) crore in Q3FY25 from Rs (89) crore in Q3FY24, with PAT margin improving to -5% from -10% YoY. Ramkumar Shankar, Managing Director, said, “The total revenue for the first nine months stood at Rs 3,195 crore, a growth of 11% on YoY basis. This was largely on account of better prices and margins on the PVC businesses and improved performance of CMC Division (‘CMCD’). The last couple of years have been challenging for the Company, due to dumping of product, especially of Suspension and Paste PVC, resulting in margin pressures. However, it is pertinent to note that the trend has been improving, with the current year showing a marked improvement over FY ‘24. Dumping of Suspension PVC from China and Paste PVC from the European Union have resulted in pricing headwinds and the consequent impact on margins. However, domestic demand has been quite good with the apparent consumption of Suspension PVC registering a 11% growth on a year-on-year basis in the 9-month period April to December 2024, while Paste PVC registered a 13% growth over the same period. On CMCD, the MPB 3 phase 1 commissioned last year has been ramping up well and we expect healthy business from the host of molecules which have been commercialized. Phase 2 of MPB 3 was commissioned in December ‘24. The pipeline of products under development is strong and is continuously growing with increase in new enquiries from customers. The Value-added chemicals business witnessed mixed demand trends across end-user industries. Volumes for our value-added chemicals grew by 5% in the quarter and 24% over the first nine months of FY25, driven by steady demand across diverse sectors. Suspension PVC industry has seen healthy demand growth thanks to increased traction from housing, construction, irrigation and drinking water segments. We remain positive on the demand side in the coming period. The extension of the Jal Jeevan Mission to 2028, announced in the recent Union Budget, augurs well for Suspension PVC demand. Going ahead, we remain resilient and focused on expanding our capacities and capabilities, especially in the Specialty segment, to capitalise on improving market conditions.” Result PDF
Specialty Chemicals company Chemplast Sanmar announced Q2FY25 results Financial Highlights: Revenue from Operations: Rs 993 crore compared to Rs 988 crore during Q2FY24, change 1%. EBITDA: Rs 26 crore compared to Rs 46 crore during Q2FY24, change -44%. EBITDA Margin 3% for Q2FY25. PAT: Rs -31 crore compared to Rs 26 crore during Q2FY24. PAT Margin -3% for Q2FY25. Other Highlights: PVC (both Suspension and Paste) witnessed price and margin pressures due to excessive dumping in Q2FY25. Suspension PVC: On a promising development, earlier this week, provisional anti-dumping duty has been announced when implemented, expected to address the issue of dumping. Paste PVC: Dumping from EU & Japan has undermined the impact of anti-dumping duty on other countries - being represented. Production of Paste PVC at the new Cuddalore facility is ongoing – expected to reach 100% by Q3FY25. Custom Manufactured Chemicals Division (‘CMCD’): CMCD registered a stable performance in Q2FY25. We have signed a new letter of intent (‘LoI’) with a global agrochemical innovator to supply an advanced intermediate for a new active ingredient. This is the 6th LoI we have signed in the last 2 years and it covers a period of 5 years. Prices of Chloromethanes improved while Caustic Soda and Hydrogen Peroxide prices remained stable. Projects Update: Phase 2 of the new multi-purpose production block (‘MPB’) is expected to be commissioned in Q3FY25. Project activities for phase 3 of the new MPB and the civil & infrastructure work for the next MPB have been initiated. Ramkumar Shankar, Managing Director, Chemplast Sanmar, said: “The company reported a topline of Rs. 2,138 crore for H1 FY ‘25 despite multiple headwinds. After a healthy performance in Q1FY25, PVC prices resumed their volatile trajectory due to excessive dumping and witnessed a significant downturn during the September quarter. Amidst this tough environment, we were able to deliver a reasonable performance during this quarter, with a revenue of Rs. 993 crore. Dumping of Paste PVC from the EU and Japan has circumvented the impact of anti-dumping duty on other countries. This is being taken up with the concerned authorities. Domestic demand for Suspension PVC softened due to the monsoon season, while China’s low-priced supply, driven by their weak local demand, continues to impact the market. In a positive development, earlier this week, provisional anti-dumping duties were announced on imports of Suspension PVC from China, the USA, Indonesia, Thailand, Taiwan, Korea, and Japan. We are hopeful that this will come into effect shortly and effectively address the serious issue of dumping of Suspension PVC into India. Custom Manufactured Chemicals Division (‘CMCD’) registered a stable performance in Q2FY25. We have signed a new letter of intent (‘LoI’) with a global agrochemical innovator to supply an advanced intermediate for a new active ingredient. This is the 6 th LoI we have signed in the last 2 years and it covers a period of 5 years The value-added chemicals# business registered a 6% revenue growth in Q2FY25, on a sequential basis with good recovery in prices of Chloromethanes while Caustic Soda and Hydrogen Peroxide prices remained stable. The CMCD expansion projects are progressing well with phase 2 of the new multi-purpose production block expected to be commissioned by Q3FY25. We have initiated project activities for phase 3 of the new multi-purpose production block and the civil & infrastructure work for the next multi-purpose production block. With recent capacity expansions and announced capex plans, we are confident in the long-term growth potential of our business. Our focus remains on enhancing operational efficiencies, elevating workforce skills, and fostering strong relationships to drive sustainable growth.” Result PDF
Conference Call with Chemplast Sanmar Management and Analysts on Q2FY25 Performance and Outlook. Listen to the full earnings transcript.
Conference Call with Chemplast Sanmar Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.