Specialty Chemicals company Galaxy Surfactants announced Q2FY24 & H1FY24 results: Financial Performance: Total Revenue: Galaxy Surfactants reported a total revenue of Rs 1,930.1 crore for H1FY24. EBITDA: The company achieved an EBITDA of Rs 253.2 crore. PAT: The Profit After Tax (PAT) stood at Rs 152.6 crore. Operational Performance: Volume Growth: The company saw volume growth across all regions and segments in Q2FY24. India: There was a strong positive performance with an upward trend in volume growth. AMET (Africa Middle East and Turkey): There was a recovery in performance-surfactant volumes. ROW (Rest of the World): There was a low single-digit sequential improvement in Q2FY24. Sales Volume: Performance Surfactants: Maintained strong double-digit growth in H1FY24 and Q2FY24. Specialty Care: Masstige segments returned to growth with high single-digit volume growth YoY and double-digit growth in Q2FY24. Commenting on the performance U. Shekhar, Managing Director, Galaxy Surfactants said, “This has been a Good Quarter for us. Volume growth registered across all regions and segments in Q2FY24 is a strong positive. While the Profitability has declined marginally, across-the-board volume growth implies demand revival. India continues to remain a big positive for us. Easing inflation and macro issues in Africa Middle East, and Turkey have enabled strong performance-surfactant volume recovery. Barring any adverse spillover effects of the War, we do see this trend continuing. While Masstige specialties have done very well in India, AMET, and ROW, premium specialties continue to lag due to the inventory destocking situation in North America and recessionary conditions in Europe. But given the low single-digit sequential improvement seen in Q2FY24, we do expect a better 2024 for our premium specialties. Going ahead, barring any adverse supply-led shocks, volume growth should remain in the upper band of 6- 8%. Easing inflation and improvement in demand for premium specialties will gradually ensure improvement in EBITDA/MT from FY 2024-25.”
Conference Call with Galaxy Surfactants Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
Specialty Chemicals company Galaxy Surfactants announced Q1FY24 results: Total Revenue of Rs 944.3 crore in Q1FY24 compared to Rs 986.6 crore in Q1FY23 EBITDA of Rs 125.7 crore in Q1FY24 compared to Rs 141.5 crore in Q1FY23 PAT of Rs 75.2 crore in Q1FY24 compared to Rs 90.5 crore in Q1FY23 Commenting on the performance U. Shekhar, Managing Director, Galaxy Surfactants said, “This has been a relatively stable quarter for us. Progressive improvement of supply-side factors along with a pickup in demand ensured a healthy 7.4% Volume growth for this Quarter. While India delivered solid double-digit growth for this quarter, inflationary pressures and high channel inventory continued to adversely impact performance surfactants demand in AMET and specialty care demand in North America. Going ahead, we remain positive on the India growth story. Easing inflationary pressures and progressive improvement in macros should aid consumption in AMET and Developed Markets. We see the situation slowly but steadily improving in the coming quarters.” Result PDF