2. Export revenue contributed 33% and rest 67% were contributed from domestic markets
During the quarter, the price of basic raw materials went up significantly led by coal prices and supply disruptions from China.
- Dyestuff demand stood strong for the quarter on account of revival in demand for textile industry
- The company’s global market share for dyestuff- 3% & dye intermediates- 6%, whereas on domestic from the market share for dyestuff- 30% & dye intermediates- 20%
- Expanding the product basket to benzene derivatives and chlor alkali products having applications in pharma, agro and other industries
- All key products have performed well with high capacity utilisation
- Prices of dye intermediates surged during the quarter, vinyl sulfone were at ₹270/kg and HSA for ₹470/kg
- Commercialised vinyl sulfones capacity, ramp will happen in coming quarters
- Moving up the value chain of benzene and chlorine derivative products
- Operational facilities are running at pre-covid levels driven by product mix and better prices
- Caustic soda capacity for 9MFY22 stood at 42,738 MT
- Term debt is expected to be around ₹500Cr and ₹300-350Cr of working capital. So total debt is expected to be around ₹850-₹900 Cr
- Major cost contributor to alkali products is power cost. The incremental were partially passed on, however demand crunch in basic commodities due to supply disruptions and Chinese Olympics have impacted the global markets
- No requirement to take any shutdown for coming quarters
- The unusual depreciation of the Turkish Lira Vs US dollar has affected profitability at subsidiary, SENER Boya, and resulted in a foreign exchange loss of about ₹18.7 Cr
Segmental Highlights
Basic Chemicals
- The revenues stood at ₹40.4 Cr for Q3FY22 from ₹38.1 Cr in same period previous year translating growth of 5.69% YoY
- Volumes contracted to 45,581 MT from 56,757 MT on YoY basis
Half of the capacity is captively consumed for making dye intermediates
Dyestuff
- The revenues stood at ₹195.7Cr for Q3FY22 from ₹118.7 Cr in same period previous year translating growth of 39% YoY
- Volumes expanded to 6155 MT from 4476 MT on YoY basis
Dye Intermediates
- The revenues stood at ₹208.3Cr for Q3FY22 from ₹172.1 Cr in same period previous year translating growth of % 17.3YoY
- Volumes contracted to 6680 MT from 7166 MT on YoY basis
ChlorAlkali
- The chloralkali business registered the revenue of ₹77.8Cr in Q3FY22 with volumes at 20,400 MT
- Caustic soda prices were at all time high and continues to remain elevated
- Acquisition of punjab unit in Q1FY22 which manufacture chlor-alkali products like caustic soda, hydrochloric acid, chlorine, hydrogen etc will help in generating revenues of 300Cr at optimum levels of utilisation with EBITDA margins ranging in 20-22%
TCCA
- The revenues stood at ₹1.8 Cr for Q3FY22 from ₹3.1 Cr in the same period previous year translating degrowth of 42% YoY.
- Volumes contracted to 351 MT from 711 MT on YoY basis.
Capex
- Vinyl Sulphone's capacity expansion to 6,000 MTPA has been commercialised at the SPS subsidiary with ramp-up scheduled in the coming quarters.
- The Sykha greenfield project is on tack and expected to be on timeline guided by management i.e Q1FY24
- Facility will be manufacturing products like PMCB,ONCB,MCB, MNCB used in pharma, agro, specialya and dye intermediates
- This project is expected to generate another 550Cr at optimum utilisation with EBITDA margins of 15-18%
• • •
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1. For Q3FY22 revenue was ₹185.8 Cr vs ₹130.4 Cr in Q3FY21 a growth of 42% on YoY basis.
2. Q3 EBITDA was at ₹30.2 Cr as compared to ₹27.3 Cr in the same quarter of the previous year.
3. For 9M FY22 revenue was ₹446.6 Cr vs ₹330.8 Cr in 9MFY21 a growth of 35% on YoY basis.
4. 9MFY22 EBITDA surged by 141% to ₹79.7 Cr as compared to ₹33.1 Cr in 9MFY21.
5. Esports segment recorded revenue of ₹109.3 Cr in Q3FY22 vs ₹57.8 Cr last year in the same quarter, a growth of 89% YoY basis.
Their Gamified early learning segment recorded revenue of ₹47.2Cr.
1. Operating revenue for Q3FY22 was ₹18.3 million compared to ₹11.2 in Q2FY22.
2. Net loss for the Quarter was at ₹29.9 million mainly because of Esop.
3. Portfolio value of investments increased from ₹436.3 million on December 31, 2020 to ₹611.2 million on December 31, 2021.
Business Update
1. Signal Analytics, a wholly owned subsidiary raised ₹52.4 million by way of preferential allotment of Pre Series A. Thereby Xelpmoc shareholding in Signal has changed to 91.95% on a fully diluted basis.
1. Revenue for the quarter stood at ₹996.8 Cr (18% growth YoY).
2. EBITDA for the quarter was at ₹173 Cr (17.9% decline YoY).
3. EBITDA margins were at 17.4% compared to 25.1% in Q3 FY21.
4. They faced challenges during the quarter such as RM price increases, unstable supply from China and logistics issues. Their volumes were down compared to last year but they have been able to pass on a significant amount of price increases to their customers.
5. The overall gross margin recorded is lower due to change in segment mix in the total revenue. Share of Finished dosage has come down from 57% in Q2 to 46% in Q3 due to higher inventory build-up at USA and year end.