Valiant Organics Limited has informed the Exchange about Investor Presentation
••••
Valiant Organics Limited
February 22, 2023
To, Listing/Compliance Department BSE LTD. Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001.
Scrip Code-540145
Sub: Investor Presentation.
Dear Sir/Madam,
To, Listing/Compliance Department National Stock Exchange of India Limited "Exchange Plaza "Plot No .C/1, G Block Sandra -Kurla Complex, Sandra (E), Mumbai -400051. Symbol-VALIANTORG
Pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Investors presentation of Valiant Organics Limited.
A copy of aforesaid Investor Presentation is also hosted on the website of company www.valiantorganics.com
Kindly take the same on your record and acknowledge.
Thanking You,
Yours Faithfully,
For Valiant Organics Limited
Avani D. Lakhani Company Secretary ICSI M.NO.: A47118
Regd. Office : 109, Udyog Kshetra, 1st Floor, Mulund Goregaon Link Rd, Mulund West, Mumbai 400 080, India.
+91 22 6797 6683 • info@valiantorganics.com • www .valiantorganics.com · CIN NO. : L24230MH2005PLC151348
I n v e s t o r P r e s e n t a t i o n | F e b r u a r y - 2 0 2 3
1
SNAPSHOT
One of the largest chlorophenol derivatives manufacturer globally
One of the leading manufacturer of Benzene derivatives products
One of the largest domestic PNA manufacturer
One of the few commercial players in Ortho Anisidine and Para Anisidine
Amongst 1st few domestic PAP Manufacturers
Diversified client base across Pharmaceuticals, Dyes & Pigments, Agrochemicals and specialty chemicals.
6 Manufacturing units across 5 Locations
5 Zero Liquid Discharge plants
Total Production Capacity of 70,000 TPA
850+ Employees
2
COMPANY OVERVIEW
3
Company Overview
Valiant Organics Limited was incorporated in 1984 by first generation technocrats and is headquartered out of Mumbai, India.
The company is focused on the manufacturing and marketing of specialty chemicals which find usage in a variety of industries, including agrochemicals, pharmaceuticals, dyes, pigments, and veterinary medications.
Key chemistries include Chlorination, Hydrogenation, Ammonolysis, Acetylation, Sulphonation, Methoxylation amongst others.
Over the years the company has primarily focused on manufacturing specialty chemicals that have a high demand but low supply and are primarily dependent on imports.
The company is listed on both the BSE and NSE with a market capitalization of INR 16,182.76 Mn as on 31st December, 2022
Operating Revenue (INR Mn) and EBITDA Margin (%)
FY22 Revenue Break-up – Chemistries
FY22 Revenue Break-up – End user Industry
14000
12000
10000
8000
6000
4000
2000
0
6,749
7,548
11,533
7,804
26.71%
27.19%
17.77%
14.35%
FY20
FY21 Revenue
FY22 EBITDA Margin
9M-FY23
50. 00%
45. 00%
40. 00%
35. 00%
30. 00%
25. 00%
20. 00%
15. 00%
10. 00%
5. 00%
0. 00%
Others, 9%
Ammonolysis, 31%
Chlorination, 29%
Hydrogenation, 31%
Dyes & Pigments, 29%
Pharmaceuticals, 17%
Specialty Chemicals, 14%
Agro Chemicals, 40%
Valiant Organics Limited |February 2023
4
Board of Directors
Shri Velji K. Gogri – Chairman, Independent Director Chemical Engineer having 37 years of experience in the chemical industry, graduated from IIT Mumbai. A number of manufacturing units for bulk pharmaceuticals, intermediates, and fine chemicals have been established by him. Has a thorough understanding of chemical processes, equipment, and chemical safety.
Shri Arvind K. Chheda - Managing Director Holds an accounting diploma from the government. He has over two decades of expertise in this domain. He is also one of the company's main promoters. He is responsible for building the corporate set up and moving the company's corporate structure forward.
Shri Vishnu J. Sawant – Executive Director Has nearly 3 decades of experience of working with Chemical Manufacturing companies. He is currently responsible for running the entire operations of the Company at the Factory level.
Dr. Kiritkumar H. Desai – Non-Executive Director Sr. Vice President at Aarti Industries Limited, heading product development and quality. Has in-depth experiences setting up and growing the R&D as well as quality control function for more than thirty two years in chemical and pharma Industries. Developed more than 200 products during this journey.
Shri Mahek M. Chheda – Chief Financial Officer & Executive Director Holds a BSC Business graduate from college affiliated with University of London. He also has more than 7 years of work experience in the field of Finance, Marketing and Business Development.
Shri Santosh S Vora – Non-Executive Director He is a Post Graduate in Family Business from Indian School of Business, Hyderabad, having experience of around 7 years in chemical and pharmaceutical industry. Presently, he is acting as the Managing Director of Valiant Laboratories Limited.
Shri Nemin Savadia – Executive Director He has been in the field of Chemical Industry for the last 25 years and manages the Business Administration of Tarapur Plant.
Shri Mulesh M. Savla - Independent Director He is a practicing Chartered Accountant and a Partner in Shah & Savla LLP, Chartered Accountant. Has vast experience of more than 30 years in Taxation, Accounts and Finance, structuring, restructuring of entities.
Shri Sathiababu K. Kallada - Executive Director Senior Vice President in Aarti Industries Limited. Looking after projects. Is working for Aarti Industries since 1986. His extensive and diverse chemical understanding will be advantageous to the company.
Shri Siddharth Shah – Executive Director He is a Bachelor’s in Chemical Engineering & has done MBA in Global Business from Scotland, Heriott Watt University. He has a vast experience of around 15 years in the field of Chemicals and his vast experience also includes production, factory admin, Project Management, operations and process development in the Chemical industry.
Shri Navin C. Shah – Independent Director Practicing Chartered Accountant with more than 37 years of experience in the field of Income Tax related matters. He has expertise in Goods and Service Tax (GST).
Smtt.Sonal A. Vira – Independent Director
Chartered Accountant by profession, she is a seasoned Corporate Banker with over 14 years of experience across International and Domestic Banks. She has deep-rooted relationships with treasury decision makers across most large conglomerates and Tier A Business Houses.
Valiant Organics Limited |February 2023
5
Key Milestones
Expanded product range to include Chlorophenols, for usage in intermediates in Pharmaceuticals, Pesticides, Disinfectants, Anti-bacterial applications and Veterinary Drugs
Commenced Exports
Converted into Limited Company
Received Environmental clearance to enhance Chlorophenol capacity to 1,800 TPM
Listed on BSE Main Board; Commenced Ammonolysis expansion at Vapi unit; Completed backward integration of ONA/OA; Addition of PNA/PA to product portfolio
1997
2008
2015
2018
2020
1984
2005
2013
2017
2019
2021
Established as Valiant Chemical Corporation with a single product – Meta Chloroaniline
Converted from Partnership to a Private Limited Company
Increased installed capacity from 3,000 MTPA to 4,800 MTPA
Addition of Ammonolysis through merger of Abhilasha Tex Chem
Addition of Ammonolysis, Hydrogenation & Acetylation through merger of Amarjyot Chemicals
Valiant Organics Limited |February 2023
Listed on NSE in August’ 21; Completed Phase 1 of PAP plant; Commenced work towards multi-purpose Pharma Intermediaries plant
6
Manufacturing Footprint
CHLORINATION – SARIGAM • Capacity: 18,000 MTPA • Products: PCP, OCP, 2,4 DCP, 2,6 DCP, 2,4,6 TCP
AMMONOLYSIS - VAPI • •
Capacity: 10,000 MTPA Products: PNA, OCPNA
AMMONOLYSIS - TARAPUR • Capacity: 6,600 MTPA • Products: PNA
HYDROGENATION & METHOXYLATION- JHAGADIA UNIT 1 • •
Capacity: 28,800 MTPA Products: ONA/OA, PNA/PA, IPPCA, CONVERSION PRODUCTS
HYDROGENATION – JHAGADIA UNIT 2 • •
Capacity: 12,000 MTPA Products: PAP, PHARMA INTERMEDIATES
ACETYLATION & SULPHONATION – AHMEDABAD • •
Capacity: 1,800 MTPA Products: 6 ACETYL OAPSA, OA/PA ACETANILIDE, OT5SA
Valiant Organics Limited |February 2023
7
Key Strengths
Domain expertise and broad process understanding in a variety of chemistries. The executive team is made up of first-generation technocrats with more than 50 years of collective expertise.
Wide supply chain provides the continuous availability of adequate and high-quality raw materials and manufacturing.
Plant locations are strategically located near ports to provide a competitive advantage, significant logistical cost savings, and faster delivery times.
Robust Business Model
Integrated Operations
Strong Customer Relations
Distinct Product Portfolio
Domain Knowledge
Widespread Supply Chain
Strategic Location of Plants
Diverse product range and client base across numerous industries and countries provides a sustainable business model in multiple chemistries by lowering product, industry, and geographical risk.
Multi-use and backward integrated plants to produce a wide range of products and tailor them to meet the diverse needs, technical qualifications, batch sizes, and delivery schedules of our clients.
Established multi-year relationships with clients in both domestic and international markets due to high-quality standards, innovative production capabilities.
Manufacturing a diverse range of intermediates as well as value-added products for a variety of industries.
Valiant Organics Limited |February 2023
8
Capex Projects
Product
Commissioned
Project Status
Remarks
Para Nitro Aniline (PNA) & Ortho Chloro Para Nitro Aniline (OCPNA)
Completing phase-wise
• Expansion from 550 TPM to 750 TPM at Vapi plant • Full capacity addition in progress
Ortho Nitro Anisole (ONA)
Completed in Q4 FY’20
• Backward integrated for existing product Ortho Anisidine
Para Nitro Anisole (PNA)
Completed in Q4 FY’20
• Captive use towards manufacture of Para Anisidine
Para Anisidine (PA)
Completed in Q4 FY’20
• Currently mostly being imported in India • Valiant will be one of the major producers in India
Ongoing Projects
Para Amino Phenol (PAP)
Completed in Q4 FY’21
• Currently, limited availability domestically and mostly imported • Due to technical difficulties in achieving the desired specification, the actual production delayed • Ramp up in process for batch operations on-going. • Simultaneous work on-going towards continuous process
Ortho Amino Phenol (OAP)
Pharma Intermediates
Phase 1 production to commence by end of FY’23
• Currently, entirely imported in India • Part of the production will be utilized as forward integration for one of company's existing products • Trial run successful
Production commenced from January 2023
• Multi-purpose plant for forward integration within Group Company • Manufactures N-1, N-2 raw materials for API products • Approvals received in January 2023
Valiant Organics Limited |February 2023
9
BUSINESS OVERVIEW
10
Chemistries And Product Basket
Ammonolysis
Key Products: • •
Para Nitro Aniline Ortho Chloro Para Nitro Aniline
Industries Served: • •
Dyes Pigments
Others Acetylation Key Products: • • •
6 Acetyl OAPSA OA Acetanilide PA Acetanilide
Industries Served: • Dyes
Sulphonation Key Products: • OT5SA • 4B Acid • 2B Acid
Methoxylation Key Products: • •
Ortho Nitro Anisole Para Nitro Anisole
Industries Served: • Dyes • Pigments
Industries Served: • Dyes • Pigments
Valiant Organics Limited |February 2023
9M-FY23 Revenue Share
46%
Hydrogenation
Ortho Anisidine Para Anisidine IPPCA
Key Products: • • • • Meta Chloro Aniline • Para Amino Phenol • Ortho Amino Phenol
Industries Served: • • • •
Dyes Pigments Pharmaceutical Agro Chemicals
19%
Chlorination
Key Products: • • • • •
Para ChloroPhenol (PCP) Ortho ChloroPhenol (OCP) 2,4 Di Chlorophenol (2,4 DCP) 2,6 Di ChloroPhenol (2,6 DCP) 2,4,6 Tri ChloroPhenol (2,4,6 TCP)
Industries Served: • Agro Chemicals • Cosmetics • Veterinary • Pharmaceuticals
29%
6%
11
11
Chlorination
Any reaction in which chlorine or chlorine compounds are introduced into a molecule to obtain the desired outcome is known as chlorination.
• Valiant is the only domestic player and also a global leader in Chlorophenol products with ~25% global market
share.
• The company has over two-decade experience in Chlorophenols, with long-term relationships with global
marquee customers due to their high-quality products and efficient supply chain management.
• The Sarigram plant of the company is dedicated for the chlorination process, with a capacity of 18,000 MTPA, and a Zero Liquid Discharge facility and highly automated Distributed Control Systems significantly reducing manual interventions.
• More than 50% of sales come from export markets.
Key Products: • Para ChloroPhenol (PCP)
• Ortho ChloroPhenol (OCP)
• 2,4 Di Chlorophenol (2,4 DCP)
• 2,6 Di ChloroPhenol (2,6 DCP)
• 2,4,6 Tri ChloroPhenol (2,4,6 TCP)
*Revenue figures are on Standalone basis
Valiant Organics Limited |February 2023
Industries Served: • Agro Chemicals
• Cosmetics
• Veterinary
• Pharmaceuticals
Revenues (INR Mn)*
2,765
2,195
2,131
1,324
FY20
FY21
FY22
9M-FY23
Sales Volumes (MT)
16,298
12,915
10,658
6,492
FY20
FY21
FY22
9M-FY23
3, 000
2, 500
2, 000
1, 500
1, 000
500
-
18, 000
16, 000
14, 000
12, 000
10, 000
8, 000
6, 000
4, 000
2, 000
-
12
Ammonolysis
Ammonolysis is a high-pressure chemical reaction done in an auto clave where ammonia is used as a reactant.
Revenues (INR Mn)*
• Valiant developed Ammonolysis capabilities as a result of its two acquisitions. i.e. Abhilasha Tex Chem Pvt. Ltd.
in 2017 & Amarjyot Chemicals Ltd. in 2019.
• The company has an approximately 15,600 MTPA capacity for this process, making it one of the largest players
in the domestic market.
• Valiant has two dedicated manufacturing facilities located at Tarapur and Vapi to carry out the ammonolysis
process.
• The company supplies its products to almost all the leading Dye manufacturers in the country, and has a leadership position in manufacturing PNA due to its raw material security of PNCB from group company, Aarti Industries.
Key Products: • Para Nitro Aniline (PNA)
• Ortho Chloro Para Nitro Aniline
Industries Served: • Dyes
• Pigments
3, 500
3, 000
2, 500
2, 000
1, 500
1, 000
500
-
14, 000
12, 000
10, 000
8, 000
6, 000
4, 000
2, 000
-
2,917
2,054
1,744
1,637
FY20
FY21
FY22
9M-FY23
Sales Volumes (MT)
12,617
10,810
10,585
8,215
FY20
FY21
FY22
9M-FY23
*Revenue figures are on Standalone basis
Valiant Organics Limited |February 2023
13
Hydrogenation
Hydrogenation is a chemical reaction between molecular hydrogen (H2) and another compound or element, usually in the presence of a catalyst.
• The company has manufacturing facilities in Jhagadia for Hydrogenation. The first unit (also named as Unit 1) has a capacity of 28,800 MTPA which became a part of Valiant Organics through the amalgamation of Amarjyot Chemicals in 2019.
•
It has also ventured into the manufacturing of 2 new products in FY21 of Ortho Anisidine (OA) and Para Anisidine (PA), as well as expanded the capacity of a couple of existing products.
• The company also does contract manufacturing for a few leading domestic clients for some key customized
products from these plants.
Para Amino Phenol (PAP) is an essential element in the synthesis of paracetamol.
• PAP is a difficult product to make and is primarily an import substitute product in India.
• Due to the company’s strong experience and significant efforts on R&D, as well as raw material security of PNCB from its group company, Aarti Industries Ltd, it became one of the first companies in India to commercialize the plant for manufacturing Para Amino Phenol (PAP) in FY21 in Jhagadia Unit 2 with a capacity of 12,000 MTPA.
• Being a difficult product to manufacture, the company is currently focusing on achieving process consistencies
and expect ramp of production in FY23.
• Majority of its PAP production will be sold to Valiant Laboratories Ltd, which is the subsidiary of the company.
Key Products: • Ortho Anisidine
• Para Anisidine
•
IPPCA
• Meta Chloro Aniline
Industries Served: • Dyes
• Agro Chemicals
• Ortho Amino Phenol
• Pigments
• Para Amino Phenol
• Pharmaceuticals
*Revenue figures are on Standalone basis
Valiant Organics Limited |February 2023
Revenues (INR Mn)*
2,948
3,286
1,544
1,444
FY20
FY21
FY22
9M-FY23
Sales Volumes (MT) 14,876
13,287
11,646
11,746
3, 500
3, 000
2, 500
2, 000
1, 500
1, 000
500
-
14, 000
12, 000
10, 000
8, 000
6, 000
4, 000
2, 000
-
FY20
FY21
FY22
H1-FY23
14
Other Processes
Acetylation
Acetylation is a chemical reaction which introduces an acetyl functional group into a chemical compound.
• The acetylation procedure is carried out at the company’s Ahmedabad facility which has a capacity of 1,800
MTPA
• The key product under this segment is ‘6 Acetyl Ortho Aminophenol Para Sulfonic Acid’, which finds its usage in
dye intermediates.
• Valiant also does job work and helps in multiple conversions on annual contracts.
Sulphonation
Sulfonation is an organic reaction in which a hydrogen atom on an arene is replaced by a sulfonic acid functional group in an electrophilic aromatic substitution.
•
Like acetylation, the sulphonation procedure is also carried out at the company’s Ahmedabad facility.
• The products Ortho Toluidine 5 Sulfonic Acid (OT5SA), 2-Amino-5-Methyl benzenesulfonic Acis (4B Acid), & 2-
Amino-4-Chloro-5 Methyl Benzenesulfonic Acid (2B Acid) are used as dye and pigment intermediaries.
Methoxylation
• The products, Ortho Nitro Anisole (ONA) & Para Nitro Anisole (PNA) are being captively consumed to
manufacture Ortho Anisidine (OA) and Para Anisidine (PA).
• This process is being carries out along with hydrogenation at Unit 1 of the Jhagadia facility.
Revenues (INR Mn)*
855
462
530
425
FY20
FY21
FY22
9M-FY23
Sales Volumes (MT)
1,674
1,531
996
835
FY20
FY21
FY22
9M-FY23
900
800
700
600
500
400
300
200
100
-
1, 800
1, 600
1, 400
1, 200
1, 000
800
600
400
200
-
*Revenue figures are on Standalone basis
Valiant Organics Limited |February 2023
15
INDUSTRY OVERVIEW
17
Industry Overview
• The chemicals industry in India is highly diversified and covers more than 80,000 commercial products.
•
India is 6th largest manufacturer of chemicals in the world and 4th largest in Asia.
Global Chemical Market (USD Bn)
• The industry is expected to reach US$ 304 billion by 2025 at a CAGR of 9.3%, driven by rising demand in the end-user segments
for specialty chemicals and petrochemicals segment.
• The Asia Pacific (APAC) dominates the specialty chemicals market across the world, with a share of 42%.
• According to recent CRISIL report, Indian manufacturers have recorded a CAGR of 11% in revenue between FY15 and FY21,
increasing India’s share in the global specialty chemicals market to 4% from 3%.
• Private sector capex announcements for Apr-Nov FY23 stood at Rs8.5tn vs. Rs5.6tn for Apr-Nov FY20. This is up by 34.6% YoY and 52.9% above the pre-pandemic level. Central government capex announcements for Apr-Nov FY23 are down by 76% YoY and ~71% below pre-pandemic levels. State government capex announcements for Apr-Nov FY23 are down by 35.2%YoY and 89.5% below pre-pandemic levels.
• FDI inflows in the chemicals sector (other than fertilisers) reached US$ 20.75 billion between April 2000-September 2022.
• Global demand for chlorophenol is around 60,000MT/y and is expected to grow in high-single digits annually.
• Chemical production reached 907,639 MT in August 2022, while petrochemical production reached 1,727,019 MT.
• Supply disruption in China has caused the global end-user industries to diversify their vendor base mainly towards Indian players.
• Countries, such as India and China, are major producers of dyes, which is likely to provide positive scope for printing inks application across the Asia Pacific region. India is a global supplier of dye, accounting for ~16% of the global production of dyestuffs and dye intermediaries.
• Agrochemicals are the key revenue component of India, which exports 50% of its total production.
• According to Budget 2023, changes in BCD rates of various goods like crude glycerin, denatured ethyl alcohol, acid grade fluorspar, specified chemicals for manufacture of pre-calcined Ferrite Powder, etc would provide impetus to increase domestic demand for these products/ Make in India policy.
Source: Frost and Sullivan, IBEF
Valiant Organics Limited |February 2023
5, 000
4, 000
3, 000
2, 000
1, 000
-
350
300
250
200
150
100
50
-
Commodity Chemicals
8, 000
7, 000
Specialty Chemicals
6, 000
Others
337
696
3,187
435
847
3,745
910
1090
4,780
2015
2020
2025F
Indian Chemical Market (USD Bn)
Others
Specialty Chemicals
Commodity Chemicals
8
53
55
15
87
84
45
148
137
2015
2020
2025F
17
Key Growth Factors
I
A D N
I
E G A T N A V D A
GROWING DEMAND
OPPORTUNITIES
POLICY SUPPORT
INCREASING INVESTMENT
• Rise in demand from end-users Industries such as food processing, personal care & home care is driving development of different segments specialty chemical market.
India’s
in
• The domestic chemicals sector’s SME’s are expected to showcase 18-23% revenue growth in FY22, in owing domestic higher realisations.
to an improvement
demand
and
• Rising middle-class population is likely to support strong demand for in specialty the chemical automotive, products, water treatment and construction segments.
personal
Source: IBEF
the
• Supply disruption in China has caused end-user industries to diversify their vendor base mainly Indian players.
towards
global
• The
government
plans to production-linked introduce to scheme incentives promote domestic manufacturing of agrochemicals.
(PLI)
• Closure of plants in the EU and increasing China due environmental have favoured Indian manufacturers to specialty invest chemicals.
to concerns
further
in
• With Global companies seeking to de-risk their supply chains, which are dependent on China, the chemical sector in India has the opportunity significant for growth
a
• Under union budget 2022-2023, the government allocated INR 209 Crs to the Department of Chemicals and Petrochemicals.
(USD 27.43 Mn)
• Total FDI inflow in the chemical sector fertilizer) reached USD 20.75 Bn between April 2000 and September 2022.
(other
than
• An investment of INR 8 lakh cr is estimated in the Indian chemicals and petrochemicals sector by 2025.
•
India’s chemical specialty companies are expanding their to rising capacities to cater demand from domestic and overseas.
• PCPIRs are expected to attract combined investments worth INR 10 Lakh Crs (USD 142 Bn) by 2025.
Valiant Organics Limited |February 2023
18
FINANCIAL OVERVIEW
20
Historical Consolidated Income Statement
Particulars (INR Mn)
Operational Income
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
Exceptional Items
PBT
Tax
Profit After Tax
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Diluted EPS (INR per share)
*FY21 onward figures as per Ind AS
Valiant Organics Limited |February 2023
FY20
6,749
4,946
1,803
26.71%
63
158
23
-
1,685
423
1,262
FY21*
7,548
5,496
2,052
27.19%
59
212
50
-
1,849
540
1,309
18.70%
17.34%
2
1,264
44.32
69
1,378
40.97
FY22*
11,533
9,484
2,049
17.77%
74
296
65
-
1,762
483
1,279
11.09%
6
1,285
40.51
9M-FY23*
7,804
6,684
1,120
14.35%
52
212
78
49
931
245
686
8.79%
3
689
20.86
20
Consolidated Balance Sheet (IND-AS)
Particulars (INR Mn) EQUITY
a) Equity Share Capital
b) Other Equity
c) Optionally Convertible Preference Shares
d) Non Controlling Interest
LIABILITIES
Non-Current Liabilities
Financial Liabilities
a) Borrowings
b) Lease Liabilities
c) Provisions
d) Deferred Tax Liabilities (Net)
Current Liabilities
a) Financial Liabilities
(i) Borrowings
(ii) Trade Payables
(iii) Other Financial Liabilities
(iv) Lease Liabilities
b) Other Current Liabilities
c) Provisions
FY21 5,086
272
4,747
4
63
FY22 6,489
272
5,856
4
357
H1-FY23 6,816
272
6,121
4
419
971
1,340
1,317
751
2
15
203
2,706
1,330
1,072
253
4
21
26
1,058
1,011
5
11
266
4,018
2,568
1,238
161
3
24
24
5
12
289
3,409
1,974
1,171
181
4
47
32
Particulars (INR Mn) Non-Current Assets a) Property, Plant and Equipment b) Capital Work In Progress c) Right-Of-Use Assets d) Goodwill e) Goodwill on Consolidation f) Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets g) Other Non-Current assets Current Assets a) Inventories
b) Financial Assets
(i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Other Bank balances (v) Loans (vi) Other financial assets
c) Other Current Assets d) Current Tax Assets (Net)
GRAND TOTAL - EQUITIES & LIABILITES
8,763
11,847
11,542
GRAND TOTAL – ASSETS
Valiant Organics Limited |February 2023
FY21 5,731 4,967 459 6 - 123
23 59 - 94 3,032 722
40 1,568 128 182 5 2 363 22
8,763
FY22 6,652 5,303 1,116 8 - 123
33 58 - 11 5,195 1,136
46 3,209 251 203 5 3 233 109
H1-FY23 7,000 5,375 1,358 9 - 123
26 60 - 49 4,542 974
570 2,444 116 3 5 3 324 103
11,847
11,542
21
Historical Standalone Income Statement
Particulars (INR Mn)
Revenue from Operations
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Finance Cost
Exceptional Items
PBT
Tax
Profit After Tax (After Merger)
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Diluted EPS (INR per share)
*FY21 onward figures asper Ind AS
Valiant Organics Limited |February 2023
FY20
5,836
4,103
1,733
29.69%
52
130
10
-
1,645
406
1,239
21.23%
2
1,241
44.32
FY21*
5,742
4,170
1,572
27.38%
169
186
35
-
1,520
374
1,146
19.96%
69
1,215
40.98
FY22*
9,484
7,834
1,650
17.40%
56
273
64
-
1,369
340
1,029
10.85%
8
1,037
36.81
9M-FY23*
6,844
5,985
859
12.55%
23
201
76
49
654
160
494
7.22%
(9)
485
17.66
22
Standalone Balance Sheet (IND-AS)
Particulars (INR Mn) EQUITY a) Equity Share Capital b) Other Equity
c) Optionally Convertible Preference Shares
LIABILITIES
Non-Current Liabilities Financial Liabilities a) Borrowings b) Lease Liabilities
c) Provisions d) Deferred Tax Liabilities (Net) e) Other Non-Current Liabilities Current Liabilities a) Financial Liabilities (i) Borrowings (ii) Trade Payables
(iii) Other Financial Liabilities (iv) Lease Liabilities b) Other Current Liabilities c) Provisions
d) Current Tax Liabilities (Net)
FY21 5,023 272
4,747
4
962
748 2 15
197 - 2,071
736 1,042 244
3 20 26
-
FY22 6,031 272
5,755
4
H1-FY23 6,240 272
5,964
4
1,215
1,190
940 2 10
263 - 3,583
2,110 1,271 154
2 22 24
-
893 3 11
283 - 2,957
1,569 1,149 168
2 35 34
-
Particulars (INR Mn) Non-Current Assets
a) Property, Plant and Equipment
b) Capital Work In Progress c) Right-Of-Use Assets
d) Financial Assets
(i) Investments in Subsidiaries (ii) Other Investments
(iii) Other Financial Assets
e) Other Non-Current assets Current Assets
a) Inventories
b) Financial Assets (i) Investments
(ii) Trade Receivables
(iii) Cash and Cash Equivalents
(iv) Other Bank balances
(v) Loans (vi) Other financial assets c) Other Current Assets
d) Current Tax Assets (Net)
FY21 5,798
4,771 459
4
- 395
24
52 93 2,258
660
1
1,166 86
32
5
2 257
49
FY22 6,787
5,085 1,102
4
- 501
32
52 11 4,042
973
1
2,532 230
3
5
3 217
78
H1-FY23 7,094
5,143 1,328
5
- 489
26
53 50 3,293
891
2
1,899 113
3
5
3 274
102
GRAND TOTAL - EQUITIES & LIABILITES
8,056
10,829
10,387
GRAND TOTAL – ASSETS
8,056
10,829
10,387
Valiant Organics Limited |February 2023
23
Consolidated Financial Highlights
Operational Revenue (INR Mn)
EBITDA (INR Mn) & EBITDA Margins (%)
PAT (INR Mn) & PAT Margins (%)
14, 000
12, 000
10, 000
8, 000
6, 000
4, 000
2, 000
-
0.6
0.5
0.4
0.3
0.2
0.1
0.0
11,533
6,749
7,548
7,804
2,052
2,049
1,803
26.71%
27.19%
17.77%
1,120
14.35%
2,100
1,800
1,500
1,200
900
600
300
-
FY20
FY21
FY22
9M-FY23
FY20
FY21
FY22
9M-FY23
Net Debt to Equity (x)
Net Worth (INR Mn)
0.49
0.42
0.35
0.28
6,489
6,816
5,086
4,008
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
1, 400
1, 100
800
500
200
- 100
1,282
1,309
1,279
686
18.70%
17.34%
11.09%
8.79%
FY20
FY21
FY22
9M-FY23
Return on Capital Employed & Return on Equity (%)
33.33%
31.49%
ROCE
ROE (%)
35.00% 30.00%
25.00% 20.00% 15.00% 10.00%
5.00% 0.00%
30.41%
25.73%
22.39%
19.71%
FY20
FY21
FY22
H1-FY23
FY20
FY21
FY22
H1-FY23
FY20
FY21
FY22
Valiant Organics Limited |February 2023
24
Capital Market Information
Share Price up to 31st December, 2022
30% 20% 10% 0% -10% -20% -30% -40% -50% -60%
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Valiant Organics - Closing Price
Sensex
Price Data (As on 31st December, 2022)
Face Value
Market Price
52 Week H/L
Market Cap (Mn)
Equity Shares Outstanding (Mn)
1 Year Avg Trading Volume (‘000)
INR
10.00
596.05
1,358.95/504.50
16,182.76
27.15
111.72
Shareholding pattern (As on 31st December 2022)
AIF, 0.31%
Promoters, 38.41%
Public, 59.08%
FII, 0.57%
DII, 1.63%
Valiant Organics Limited |February 2023
25
Disclaimer
Valiant Organics Limited No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Valiant Organics Limited (“Company”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.
This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.
Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.
For further details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91-22-49039500 Email: valiant@valoremadvisors.com
Valiant Organics Limited |February 2023
26
THANK YOU
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