Specialty chemicals company Meghmani Finechem announced Q3FY23 result: Q3FY23: Revenue grew 27% to Rs 538 crore on account of volume growth of 18% and higher realizations from majority products. Revenue contribution from derivative & specialty segment increased to 31% in Q3FY23 vs 25% in Q3FY22 EBITDA grew 18% YoY. Margin stood strong at 31% (33% Q3FY22) PAT grew 11% YoY to Rs 77 crore and PAT margin dropped by 2.2% on account of higher interest and depreciation due to the commissioning of new capacities 9MFY23: 9MFY23 revenue, EBIDTA and PAT surpassed FY22’s full-year numbers Revenue grew 55% to Rs 1,626 crore on account of 7% volume growth and high realizations PAT grew 80% to Rs 277 crore and margin improved to 17% vs 15% in 9MFY22, on account of higher realizations ROCE and ROE grew to 35% and 46% respectively on account of higher realization and volume growth “We have witnessed 18% volume growth in Q3FY23, resulting in Revenue growth of 27% YoY. Even in this volatile market, we have seen volume growth in all our products and have grown on an absolute basis. The new products that we commissioned in 9MFY23 have marginally started contributing to P&L; and we expect that contribution to increase from Q4FY23 onwards. Revenue contribution from derivatives & specialty segment increased to 31% in Q3FY23 vs 25% in Q3FY22. For CPVC resin, our product is well accepted by all customers and we are expected to reach optimum capacity utilization in Q4FY23. Considering the market size and growth potential, we are increasing our CPVC resin capacity to 75,000 TPA, by adding another 45,000 TPA. We are ready with the basic infrastructure required for CPVC resin expansion; hence we will be able to execute this project faster and at a lower capex compared to the 1st phase. This expansion will further strengthen our integrated complex as chlorine will be consumed as a key raw material in CPVC resin. MFL board has declared its 1 st maiden interim dividend of 25% on face value of Rs 10 (Rs 2.5 per equity share). With our expansion plans, we are moving in line with our long-term vision to become a fully integrated complex catering to diversified industries and grow consistently.” Maulik Patel, Chairman and Managing Director Result PDF
Conference Call with Meghmani Finechem Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.
Specialty Chemical firm Meghmani Finechem announced Q2FY23: Q2FY2023: Revenue grew 64% to Rs 556 crore on account of high realizations from Chlor-alkali and Hydrogen Peroxide. Chlor-alkali grew by 65% and Derivatives grew by 59% EBITDA increased 79% to Rs 180 crore while maintaining EBIDTA margin of 32% vs 30% in Q2FY22 PAT increased 95% to Rs 92 crore and PAT margin improved by 267 bps for Q2FY23 H1FY2023: Revenue grew 73% to Rs 1,088 crore on account of 3% volume growth and high realizations from all the products vs H1FY22 EBITDA grew 91% to Rs 368 crore and margin improved to 34% on account of higher realizations vs 31% in H1FY22 ROCE and ROE improved to 37% and 50% respectively on account of higher realization from all the products. Mr Maulik Patel; Chairman and Managing Director – MFL said: “We achieved highestever revenue in Q2FY23. The performance of the quarter is on account of high realizations from majority of our products H1FY2023 was an exciting period as we commissioned all our planned expansion projects, namely- India’s first Epichlorohydrin plant, India’s largest CPVC resin plant and additional capacity of Caustic Soda. Our team is working towards maximizing contribution from the new projects. However, we expect substantial revenue impact from these projects by Q3FY23 onwards. Our vision is to become a fully integrated complex catering to diversified industries, hence we will be further adding downstream chemistries where Chlorine, Hydrogen and other chemicals will be used as a raw material. Our focus is to identify molecules and chemistries which will provide us high margins and are extension of our existing product portfolio.” Result PDF
Specialty Chemicals firm Meghmani Finechem Announced Q1FY23 Result : Meghmani Finechem’s highest ever Revenue Rs 533 Cr (up 84%) and PAT Rs 108 Cr (up 192%) Revenue of Rs 533 Cr - up 84%, driven by improved realizations and higher sales volume of 5% EBITDA doubled to Rs 187 Cr and EBITDA margin improved to 35% despite high inflationary pressure PAT increased 3 times to Rs 108 Cr and PAT margin stood 20% compared to 13% in Q1FY22 ROCE and ROE improved to 33% (19% in Q1FY22) and 48% (22% in Q1FY22) respectively Commenting on the results Mr Maulik Patel; Chairman and Managing Director – MFL said: “I am pleased with our performance in Q1FY23. We have delivered record operating and financial performance for the quarter. The growth in the quarter is on account of high realizations and volume growth coming from high efficiency/capacity utilization from all the products. In this quarter, we have commissioned India’s first Epichlorohydrin (ECH) plant based on the glycerol process and also we have entered into a JV to set up an 18.34 MW Wind-Solar hybrid power plant for internal consumption. Recently in July, we have also commissioned India’s largest CPVC resin plant. Once these new projects stabilize and reach optimum capacity utilization it will start contributing in a sizeable way both to the top line and bottom line. We expect that to happen Q3FY23 onwards. With all this we are moving in line with our commitments, long term goals and with focus on the environment and sustainability” Result PDF
Conference Call with Meghmani Finechem Management and Analysts on Q4FY22 Performance and Outlook. Listen to the full earnings transcript.
Meghmani Finechem posts highest ever revenue of Rs 1,551 crore in Q4FY22, and highest net profit of Rs 253 crore Specialty Chemicals firm Meghmani Finechem declares Q4FY22 result: FY2022 Highlights: Revenue up by 87% to Rs 1,551 Cr, backed by higher sales volume of Caustic Soda and H2O2 and improved realisation for all the products EBITDA increased by 95% to Rs 509 Cr; EBITDA margin improved marginally at 33% (32% in FY21) despite inflationary pressure on raw material prices PAT increased by 151% to Rs 253 Cr and PAT margin was up by 413 bps to 16% ROCE and ROE of the company improved to 29% (16% in FY21) and 36% (16% in FY21) respectively Q4FY22 Highlights: On YoY basis, revenue up by 93% to Rs 499 Cr on account of higher realizations for all the products EBITDA increased by 118% to Rs 175 Cr (Rs 80 Cr in Q4FY21) and EBITDA margin was up by 405 bps to 35%, despite high inflationary pressure on raw materials PAT increased by 202% to Rs 99 Cr (Rs 33 Cr in Q4FY21) and PAT margin was up by 712 bps to 20% Commenting on the results Mr Maulik Patel; Chairman and Managing Director – MFL said: This has been a landmark year for MFL. We made a debut on stock exchange as an independent entity in August 2021. I am pleased to announce, we have delivered record financial performance. We have achieved highest ever Revenue & PAT of Rs 1,551 Cr and Rs 253 Cr. This is a testimony of our team's effort of delivering excellence despite the tough external environment. Our strong operational efficiency and internal cost control measures allowed us to maintain margins even with the inflationary pressure. I am happy to announce a 5-year vision of achieving Rs 5,000 crores in revenue by FY27, translating to a revenue CAGR of 25% from hereon. This growth will come from higher revenue contribution of value-added derivatives & specialty chemical. We have announced to enter in Chlorotoluene & its value chain and in phased manner we will keep on announcing our further capex in the future. We continue to move forward in our strategic direction of expanding scale, strengthening integration and achieving low cost of operations. Result PDF
Conference Call with Meghmani Finechem Management and Analysts on Q3FY22 Performance and Outlook. Listen to the full earnings transcript.
Specialty Chemicals company Meghmani Finechem declares Q3FY22 result: Revenue up by 85% to Rs 1052 Cr on YoY, backed by increase in volume, higher utilization and higher realisation for all the products EBITDA increased by 85% to Rs 334 Cr on YoY; margins maintained at 32% despite surge in raw material prices ROCE improved to 26% as on 9MFY22 due to higher profitability backed by improved realization in all products and contribution from new capacities of Hydrogen Peroxide and Caustic Soda Revenue up by 91% to Rs 422 Cr backed by increase in revenue of Chlor-Alkali and Derivatives by 104% and 59% respectively EBITDA increased by 107% to Rs 141 Cr and EBITDA margin was up by 260 bps to 33.5%, despite high inflationary pressure on raw materials PAT increased by 184% to Rs 70 Cr and PAT margin was up by 540 bps to 16.5% Commenting on the results Mr Maulik Patel; Chairman and Managing Director - MFL said: We are glad to report a good performance during the quarter. We have achieved the highest ever topline for 9 months of Rs 1,052 Cr. The commissioning and optimal utilisation of CMS & H2O2 drove our revenue & profit growth. The investments undertaken in the last couple of years for diversification of products continue to drive growth and increase our competitiveness. The forward & backward integration expansion plan covering ECH, CPVC, Caustic soda and Captive power is progressing as per plan and will be commissioned as per schedule. We are simultaneously ensuring a sound financial, healthy cash generation and strong liquidity to ensure that we continue to meet all our obligations and commitments timely Further in line for continuous growth we have announced our expansion in Chlorotoluene & its value chain and setting up R&D; facility, this will help to further strengthen our fully integrated complex. We continue to move forward in our strategic direction of scalability, strengthening integration & achieving lowest cost of operations. Result PDF