Shree Pushkar Chemicals & Fertilisers Limited has informed the Exchange regarding Investor Presentation
Shree Pushkar Chemicals & Fertilisers Limited
Investor Presentation August 2019
Safe Harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Shree Pushkar Chemicals & Fertilisers Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but 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.
This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the company.
2
Q1FY20 Highlights
Q1FY20 Performance Highlights
(Rs in Crores)
Total Revenue from operations
Unit 1 is under revamp for major overhaul, maintenance & replacement*
Unit 1 is under revamp for major overhaul, maintenance & replacement*
Unit 1
98
14
84
Operating units
+10%
92 0
92
Unit 1
118
17
101
92
0
92
Operating units
-9%
Q1FY19
Q1FY20
Q4FY19
Seasonality impact as Q4 is always high in terms of Volume Sale
Q1FY20
• Revenue from operating units grew by 10% on Y-o-Y basis
• Revenue from operating units degrew by 9% on Q-o-Q basis, due to seasonality impact as Q4
every year is high volume and sales quarter
Revamping of the Manufacturing facilities at
Unit -1 situated within MIDC Lotte
• Dismantling/ Scrapping/Modifying some of
the vessels/ reactors/ equipment’s /plants which have outlived their age and replace them with new ones to make them more versatile
• The revamp will take place in a phased manner with a capex cost of ~ Rs 5 Crs and will be funded through internal accrual. The revamp is expected to be completed by end of the current financial year FY20.
Rationale
Better Quality
Optimum Efficiency
Deployment of Latest Technology
Value added Products
Long term Sustainability
*Outcome of Board meeting disclosure dated 20th May 2019
On Consolidated basis
4
Other Key Highlights
(Rs in Crores)
EBITDA
16.8
10.6
10.8
Q1FY19
Q4FY19
Q1FY20
• EBITDA stood at Rs. 10.8 crs for Q1FY20 (It does not include EBITDA for unit 1 as it is shut down for revamp) and therefore it is not comparable on a like to like basis with Q1FY19 and Q4FY19
o There is a one-time payment of Rs. 1.14 crs to a customer for
settlement in this quarter
o Other expenses has increase substantially mainly on account of increase in transportation cost for fertiliser division, which has impacted the overall margin
Revamping of the Manufacturing facilities at Unit -1 situated within MIDC Lotte
• •
•
•
The Revamp project is progressing well It will take place in a phased manner with a capex cost of ~ Rs. 5 Crs The revamp is expected to be completed by end of the current financial year FY20 Revenue impact of ~ Rs. 60 crores during this year.
Significant benefits in FY21 as it would strengthen our manufacturing capabilities yielding better quality and productivity with additional value-added products
Preferential Allotment
Cancellation of Preferential issue of Convertible warrants in which application was filed with Stock Exchanges and pending for in-principle approval
On Consolidated Basis
5
Segmental Revenue Breakup
(Rs in Crores)
Dyestuff
+11%
18.6
16.8
Dye Intermediates
-31%
54.9
Higher captive consumption for dyes production
Revamp of Unit 1
38.1
Q1FY19
Q1FY20
Q1FY19
Q1FY20
Acid Complex & Others
+65%
5.3
3.2
Fertilisers
+31%
30.1
22.9
Q1FY19
Q1FY20
Q1FY19
Q1FY20
On Consolidated Basis
6
Q1FY20 Segmental Highlights
•
•
Sustained contribution from Dyestuff segment to our revenues which has been on the uptrend. We believe, the realization of Dyestuff to improve as the increase in prices of dye intermediates gets passed on to the dyestuff
Acid Complex Division continues to have higher captive utilization for Dye Intermediates in view of additional capacity in Dye Intermediates and production of dyes
Revenue Break up Q1FY20
Dyestuff
Dye Intermediates
10% Volume growth
26% Volume de-growth
17% Revenue growth
32% Revenue de-growth
Fertiliser
Acid Complex & Others
47% Volume growth
56% Volume growth
41% Revenue growth
20% Revenue growth
Led by Higher Captive Consumption & Impact of Unit1 Revamp
Led by Higher Captive Consumption
21.2%
40.3%
32.7%
5.8%
Dyestuff
Dye Intermediates
Others
Fertiliser
*Volumes represent sales volumes
On Consolidated Basis
7
Planned Expansion through Internal Accrual
Rs 120 crs Capex through Internal Accrual
28crs
75crs
5crs
12crs
In process of acquiring Madhya Bharat Phosphates Pvt. Ltd, (MBPL) through NCLT with the total cost of ~Rs 28 crores including refurbishment of said unit
The planned capex of ~Rs. 75 crores in the dye intermediaries’ segment is in advanced stage of obtaining EIA/ MPCB clearance. The said expansion is expected to commence production in FY21
Revamping of the Manufacturing facilities at Unit -1 in MIDC Lotte for Rs 5 Crores
Company is planning for Rs 12 crores expansion for Solar Park in Lotte Parshuram MIDC
8
Q1FY20 Consolidated P&L Statement
Particulars (Rs. In Crores)
Revenue from Operations
Raw Material
Employee Cost
Other Expenses
EBITDA
EBITDA Margin
Other Income
Depreciation
EBIT
EBIT Margin
Finance Cost
Profit before Tax
PBT Margin
Tax
Profit after Tax
Profit after Tax Margin
Q1FY20
Q1FY19
92.2
60.2
6.0
15.2
10.8
97.5
64.9
4.7
11.0
16.8
11.8%
17.3%
1.0
2.9
9.0
9.7%
0.7
8.3
9.0%
1.9
6.4
6.9%
0.3
2.5
14.7
15.1%
0.8
13.9
14.3%
4.8
9.1
9.4%
Y-o-Y
-5.5%
Q4FY19
117.6
Q-o-Q
-21.7%
84.2
6.7
16.1
10.6
9.0%
1.1
2.5
9.2
7.8%
1.8
7.4
6.3%
-0.2
7.6
6.5%
2.5%
-2.4%
11.2%
-17.0%
-35.6%
-38.9%
-40.6%
-30.4%
FY19
451.9
302.6
30.1
52.1
67.1
14.8%
2.4
10.0
59.5
13.2%
3.7
55.8
12.4%
15.0
40.8
9.0%
As per Ind AS
*One off Expenses (Bad Debts Written Off)
9
Q1FY20 Standalone P&L Statement
Particulars (Rs. In Crores)
Revenue from Operations
Raw Material
Employee Cost
Other Expenses
EBITDA
EBITDA Margin
Other Income
Depreciation
EBIT
EBIT Margin
Finance Cost
Profit before Tax
PBT Margin
Tax
Profit after Tax
Profit after Tax Margin
Q1FY20
Q1FY19
77.7
52.2
5.1
12.0
8.4
10.8%
1.0
2.3
7.1
9.1%
0.2
6.9
8.9%
1.9
5.0
6.5%
86.1
57.9
4.2
9.3
14.7
17.1%
0.3
2.0
13.0
15.1%
0.6
12.4
14.4%
4.3
8.1
9.4%
Y-o-Y
-9.8%
Q4FY19
102.2
Q-o-Q
-24.0%
75.8
5.9
12.3
8.3
8.1%
1.1
2.0
7.3
7.2%
0.8
6.6
6.4%
0.0
6.6
6.5%
1.0%
-3.1%
5.5%
-24.0%
-43.1%
-45.3%
-44.2%
-37.8%
FY19
400.2
273.8
26.7
41.1
58.5
14.6%
2.4
8.2
52.7
13.2%
2.0
50.7
12.7%
14.2
36.5
9.1%
As per Ind AS
*One off Expenses (Bad Debts Written Off)
10
Company Overview
About Us
Integrated and
An Speciality Chemicals Colourants company, manufacturing dealing in the entire range of textile chemicals
Caters to the leading textile and apparel companies
Being inventive in delivering high quality products
A leading producers of Dye Intermediaries and Dyestuff and has the widest range of Dye Intermediaries offering with high quality standard
Zero-waste chemical company with a unique business model that is completely forward and backward integrated
Zero Waste Methodology
We are Fully Integrated Dyes and Dye Intermediate Company…
Environment Conscious and Compliant
Monetising the effluents by using the waste of a process/product as a raw material to manufacture other sets of value-added products
As a part of forward integration, the company has forayed into Dyestuff
Forward Integration
Backward Integration
Over a period as a backward integration strategy, the company entered Fertilizers, Cattle Complex Feed manufacturing
Acids
and
12
Evolution of Our Business
1993 - 2003
2004 - 2010
2011 - 2016
2017 - 2018
2019 & Beyond
• Commenced trading/imports of
• Recycling of effluents from
•
In 2011, began use of Spent
•Rapidly
expanded
Dyestuff
chemical
products
&
dye
Dye Intermediates Division
acid for manufacturing of SSP
Segment
by
adding
doubled
Intermediates
with the manufacturing of Di
and Soil Conditioner
capacity
•In process of acquiring Madhya
Bharat Phosphates Pvt.
Ltd,
(MBPL) through NCLT
•
In 2001, changed our focus to
Calcium Phosphate in 2007
•
In 2016:
•Commissioned additional capacity
•Expansion
of
the
dye
manufacturing
by
starting
Gamma Acid
•
In 2010, commenced the Acid
•
In
2002,
began
backward
Division
integration for
In-house Raw
Material & Cost Efficiencies
➢ Started our NPK Plant
➢ Expanded
capacities
within Dye Intermediates
➢ Moved up the Value
of SOP by 10,000 TPA
•Planned Expansion in the areas of
Dyes Intermediates and Sulphur
chain with Manufacture
Derivatives
of Dyestuff
•Launched the brand DyecolTM for
Dyestuff
intermediaries’
segment
is
in
advanced stage of obtaining EIA/
MPCB clearance
•Revamping of the Manufacturing
facilities at Unit -1 in MIDC Lote
•Incurring Solar Project to reduce
•Acquired Kisan Phosphates in FY18
power cost
13
Key Management
Punit Makharia Chairman & Managing Director
A first-generation entrepreneur, he holds a Bachelors in Commerce with a rich business experience of over 2 decades in dealing with chemical and dyes intermediates
Gautam Makharia
Managing Director
With and BE in Electronics and an MBA(Finance), his experience spans across GE, P & G, Barclays, BARC
Mr. Deepak Beriwala CFO
CA with 6+ years of experience in accountancy and taxation
R Purohit GM Marketing–Fertilizer
20+ years of experience in strategic planning, marketing/ business development
R M Tiwari
GM of Unit II
30 years of experience in manufacturing of fertilizers
S N Sengupta
Associate Director chemical engineer
wiith A experience of 34 years in project financing and techno economic feasibility industrial studies of projects
Rajkumar Sahani VP - Projects
A chemical Engineer with over 43 years of experience in setting up various chemical plants and has worked with R.C. Fertilisers Pvt Ltd
Dolekar
GM of Unit III With an B. Tech in Dyes & Pigments, he has over 20+ years of experience in the manufacture of Dyes
Dilip Shah GM – Export Import
Has 28 years of experience in the field of Import and Export
Mahendra Kavadia
GM of Unit I
Over 29 years of experience in the field of dyes, chemicals and fertilisers
Satish Chavan
Company Secretary
With experience of over 5+ years he is a CS with Bachelors degree in Commerce and Law
14
Product Portfolio
DyeStuff
Constantly on the improvement based on market response with over 30 different shades in Reactive dyes Black, Yellow & Red
Used for Dying of Textile / Yarns commonly cellulosic material
FY19 Revenue Breakup (Rs 451.9 Cr)
Dye Intermediates
Gamma Acid, K- Acid, R- Salt, Vinyl Sulphone, Meta Ureido Aniline and H- Acid
Products manufactured from organic chemicals and are further processed to obtain dyestuff
5.6%
Dyestuff
20.1%
24.1%
Dye Intermediates
50.2%
Fertiliser
Others
Fertilizers
Single Super Phosphate (SSP) Soil Conditioner, granulated Sulphate Of Potash (SOP)
fertiliser
Mixed (NPK),
Phosphatic fertiliser & a fertiliser used to the improve and for soils quality the improving / Building soil
Acid Complex
Sulphuric Acid, Oleum and Chloro Sulphonic Acid (CSA)
Cattle Feed
acid
Active typically Sulphonation reaction
reagent for
used
Di- Calcium Phosphate (DCP)
a dietary Mainly used as supplement feed products by cattle & poultry feed manufacturers
in animal
Acid Complex More Captively Used, only surplus quantity are sold outside. Both Segments contributes ~5%
15
An Overview of Dyestuff Segment
• We are one of the leading manufacturer of Reactive Dyes. Primarily used for dyeing textiles, for cellulosic fibers like cotton/flax & also wool. Our belief in sustainability led to the launch of DYECOL™ range of Reactive Dyes to tackle environmental and sustainability issues of the textile wet processing industry. It uses less water and energy and decreases the processing skills in comparison to conventional dyes industry.
• We have a product range certified from “GOTS” and enjoy the privileged status of being a Government recognized “Export House” from the last 15 Years. We are now also a “BLUE SIGN” System Partner and a “ZDHC” Contributor.
40.2
Dyestuff Revenue
(Rs in Crores)
101.2
109.1
DYECOL™ Series in available in:
• • • • • • •
DYECOL Royal Blue Series DYECOL T. Blue Series DYECOL Black Series DYECOL CELF Reactive Dyes (Superlative Sustainable Reactive Dyes) DYECOL CEFT & RR Reactive Dyes DYECOL DR Reactive Dyes (High end Sustainable Reactive Dyes) DYECOL SS Reactive Dyes (The new generation sustainable dyes)
FY17
FY18
FY19
Product
Capacity in MTA
Reactive Dyes
6,000
16
An Overview of Dye Intermediates Segment
• We have started manufacturing Dyes Intermediates with a single product in the year 2001, the company now manufactures over 10 different types of Dye Intermediates like H Acid, Vinyl Sulphone, Para Base, K Acid, Gamma amongst various others. Amongst India`s large manufacturers of K-Acid
• Offer widest range of Dye Intermediates under one roof with zero waste which
makes us a one-stop shop for any Dye manufacturer
128
Dye Intermediates Revenue
(Rs in Crores)
+10%
170
201
165
196
200
227
•
•
•
Post 2006, we have incurred various efforts for effluent treatment which has improved our cost efficiency
State of art integrated manufacturing facilities located at Lote Parshuram, Maharashtra
End Use in manufacturing of Dyes for Textile Industry
• We are incurring capacity expansion in Dye Intermediates and is in advanced stage of obtaining EIA/ MPCB clearance. The said expansion is expected to commence production in FY21
• We are also revamping our oldest Unit 1 facility in phase manner in FY20
•
Therefore, Overall capacity will transform to better product Mix
FY13
FY14
FY15
FY16
FY17* FY18*
FY19*
Product
H-Acid
Vinyl Sulphone
K-Acid
Gamma Acid
Meta Ureido Analine
R Salt
Total
Capacity in MTA
3,150
3,700
960
480
600
96
8,986
17
Zero Waste Methodology – Creating Value
B –Napthol
R Salt
Di Calcium Phosphate
Effluents
Effluents
Soil Conditioner
Final Products
Gamma Acid
K - Acid
Meta Ureido Aniline
Vinyl Sulphone
Sulpho VS
H - Acid
Effluents
Chloro Sulphonic Acid
SSP
18
An Overview of Fertiliser Segment
Single Super phosphate (SSP)
Nitrogen Phosphorus Potassium (NPK)
Sulphate of Potash (SOP)
• The main raw materials for SSP are rock phosphate and sulphuric acid and it is based one of the
simplest chemical reactions in the fertilizer industry
• SSP, which is a poor farmer's fertilizer (price-wise),
is an option to optimise the use of
phosphatic fertilizers
• NPK fertilizer is primarily composed of three main elements: Nitrogen (N), Phosphorus (P), and
Potassium (K)
• We have received a license for manufacture of Mixed Fertilizer NPK in the state of Maharashtra
• SOP is a preferred form of potassium in saline or sodic soil conditions and where irrigation
water may have high chloride levels
Soil Conditioner
• Soil conditioner is a product which is added to soil to improve the soil’s physical qualities, usually its fertility (ability to provide nutrition for plants) and sometimes aids its mechanics.
• Launched its own soil conditioner brand ‘Dharti Ratna’ in Western Maharashtra
Granular Calcium Chloride
• To utilize HCL generated in SOP, we have set up a granular calcium chloride plant of 6,500 MTA
capacity
• Calcium Chloride is designed for snow removal and deicing operation
Fertilisers Revenue*
(Rs in Crores)
90.9
70.1
57.6
48.2
48.7
31.0
FY14
FY15
FY16
FY17
FY18
FY19
*Including Kisan Phosphate which we acquired in FY18
Product*
Capacity in MTA
SSP
SOP
NPK
Soil Conditioner
2,00,000
20,000
18,000
12,000
Marketing through +300 dealers through our own brand name own marketing through channels
our
19
An Overview of Fertiliser Segment
Facilities
Rationale
Lotte Purshuram Unit
Due to backward integration, we have entered Fertilizer Business
Geographic Expansion
Maharashtra, Karnataka
Kisan Phosphate unit
Acquired in FY18, Due to similar business segment in a Hisar, Haryana
UP, Punjab, Haryana & Himachal Pradesh
Madhya Bharat Fertiliser
In process of acquiring similar company through NCLT in a Dewas, MP to exploit Synergy
Madhya Pradesh, Chhattisgarh, Rajasthan & Gujarat
Growth Driver
Impact
Good monsoon to improve Rabi & Kharif Crops
Increase in Marketing Push
Increase in Farmer Income
Increasing Presence in leading Agriculture States
Poised to Grow in Future
20
Manufacturing Capabilities
Strategic location at Lote Parshuram, Maharashtra…
Unit 1 – Dye Intermediates
Unit 2 – SSP Granulation Plant
Unit 3 - New Reactive Dyes Plant
Unit 4 - SOP
Kisan Phosphates Pvt. Ltd.
New Application Lab for Testing of Dyes
Sulphuric Acid Plant
Commenced Sulphuric Acid plant of 100 TPD in Kisan Phosphates Pvt. Ltd.
▪ To meet captive requirement of Acid & Power Plant of 700 KW capacity
▪ Expected to reduce power cost in said unit by ~25-30%
… leading to operational and logistics efficiencies.
21
Our Strengths
Substantial increment in the contribution from Dyestuff Segment to our Revenue on a quarter on quarter basis
Fast Paced Growth in our Dyestuff Segment
We do not incur large costs on effluent treatment due to our zero waste model
Zero Waste Chemical Company
Low Financial Leverage
Very Low Debt with Debt to Equity nearly NIL
Cost Efficiencies
We are backward Integrated for Raw Material manufacturing
Use of High Pressure Steam generated from Acid Plant for Power Generation and Internal Consumption and also consume low pressure steam for general heating in the various plants, thus saving on fuel cost
Internal Co- generation of Power
All Major Facilities are within MIDC, Lotte Parshuram, Maharashtra, thus offering us numerous logistics and management control advantages
Strategic Location
Own logistics Fleet
For smooth transportation of raw material and products to Clients
Inorganic Growth
100% equity acquisition of Kisan Phosphates Pvt Ltd, Hisar, Haryana & In process of acquiring Madhya Bharat Phosphate, Dewas, MP
22
… Growth driven by Every Business Unit
Export Growth
Commenced Dyestuff business in 2016
Dye Intermediates
Fertilizers (including Kisan Phosphate)
Acid Complex & Others
Export Revenue Rs 91 Crs (20%)
FY19 – Revenue %
Dyestuff – 24%
Dye Intermediates – 50%
Fertilizer– 20%
Acid Complex & Others – 5.6%
Export Revenue Rs 21 Crs (8%)
FY16 – Revenue %
Dyestuff – 0%
Dye Intermediates– 71%
Fertilizer– 19%
Acid Complex & Others – 2%
23
Financial Highlights
Consolidated P&L Statement
Particulars (Rs. In Crores)
Revenue from Operations (Net of Excise)
Raw Material
Employee Cost
Other Expenses
Adj. EBITDA*
Adj. EBITDA Margin*
One off Expenses*
Other Income
Depreciation
EBIT
EBIT Margin
Finance Cost
Profit before Tax
PBT Margin
Tax
Reported PAT
PAT Margin
FY19
451.9
302.6
30.1
49.8
69.3
15.3%
2.2
2.4
10.0
59.5
13.2%
3.7
55.8
12.4%
15.0
40.8
9.0%
FY18
395.3
272.1
18.7
43.3
61.2
15.5%
0.0
1.7
7.8
55.1
13.9%
2.9
52.2
13.2%
15.7
36.5
9.2%
Y-o-Y
14.3%
13.3%
8.1%
6.9%
11.8%
As per Ind AS
*One off Expenses (Bad Debts Written Off)
25
Consolidated Balance Sheet
EQUITY AND LIABILITIES (Rs. In Crores) Equity Equity Share capital Other equity Sub-total - Shareholders' funds LIABILITIES Non-current liabilities Financial liabilities
Borrowings
Provisions Deferred tax liabilities (net) Other non-current liabilities Sub-total - Non-current liabilities Current liabilities Financial liabilities
Borrowings Trade payables Other financial liabilities Other current liabilities Provisions Current tax liabilities (net) Sub-total - Current liabilities TOTAL - EQUITY AND LIABILITIES
Mar-19 Mar-18
30.7 253.7 284.4
30.2 206.9 237.1
7.4 0.5 19.6 0.5 28.0
39.3 44.9 0.4 5.3 0.1 5.9 95.9 408.3
2.7 0.4 13.7 0.1 17.0
61.9 50.5 0.4 2.8 0.0 10.0 125.6 379.7
ASSETS (Rs. In crores) Non-current assets Property, plant and equipment Capital work-in-progress Goodwill Intangible Assets Under Development Financial assets Investments Other financial assets Other non-current assets Sub-total - Non-Current Assets Current assets Inventories Financial assets Trade receivables Cash and cash equivalents Bank balances other than Cash and Cash equivalents Loans Other financial assets Other current assets Sub-total - Current Assets Assets held for sale TOTAL - ASSETS
Mar-19 Mar-18
167.3 10.5 4.9 0.0
0.1 4.2 9.2 196.1
161.4 3.4 4.9 0.0
0.5 1.6 8.2 180.0
62.3
82.3
98.3 0.5 39.3 0.3 1.5 10.0 212.2 0.0 408.3
86.0 0.4 19.0 0.2 1.1 10.7 199.7 0.0 379.7
As per Ind AS
26
Standalone P&L Statement
Particulars (Rs. In Crores)
Revenue from Operations (Net of Excise)
Raw Material
Employee Cost
Other Expenses
Adj. EBITDA*
Adj. EBITDA Margin*
One of Expense*
Other Income
Depreciation
EBIT
EBIT Margin
Finance Cost
Profit before Tax
PBT Margin
Tax
PAT
PAT Margin
As per Ind AS
FY19
400.2
273.8
26.7
38.9
60.7
15.2%
2.2
2.4
8.2
52.7
13.2%
2.0
50.7
12.7%
14.2
36.5
9.1%
FY18
370.2
258.3
17.0
37.7
57.2
15.4%
0.0
1.7
6.9
51.9
14.0%
2.3
49.7
13.4%
16.5
33.2
9.0%
Y-o-Y
8.1%
6.2%
1.5%
2.1%
9.9%
*One off Expenses (Bad Debts Written Off)
27
Standalone Balance Sheet
EQUITY AND LIABILITIES (Rs. In Crores) Equity Equity Share capital Other equity Sub-total - Shareholders' funds LIABILITIES Non-current liabilities Financial liabilities
Borrowings
Provisions Deferred tax liabilities (net) Other non-current liabilities Sub-total - Non-current liabilities Current liabilities Financial liabilities
Borrowings Trade payables Other financial liabilities Other current liabilities Provisions Current tax liabilities (net) Sub-total - Current liabilities TOTAL - EQUITY AND LIABILITIES
Mar-19 Mar-18
30.7 245.9 276.6
30.2 203.5 233.7
0.3 0.5 20.4 0.5 21.7
11.0 36.4 0.4 4.3 0.1 4.8 57.0 355.3
0.3 0.4 14.1 0.1 15.0
40.8 39.1 0.4 2.6 0.0 9.9 92.9 341.6
ASSETS (Rs. In crores) Non-current assets Property, plant and equipment Capital work-in-progress Goodwill Intangible Assets Under Development Financial assets Investments Other financial assets Other non-current assets Sub-total - Non-Current Assets Current assets Inventories Financial assets Trade receivables Cash and cash equivalents Bank balances other than Cash and Cash equivalents Loans Other financial assets Other current assets Sub-total - Current Assets Assets Classified as held for Sale TOTAL - ASSETS
Mar-19 Mar-18
137.9 10.5
141.8 0.3
0.0
0.0
21.4 3.8 9.1 182.6
21.8 1.5 7.3 172.6
46.0
67.1
79.4 0.4 39.3 0.3 1.4 5.9 172.7 0.0 355.3
72.4 0.3 19.0 0.2 1.1 8.9 169.0 0.0 341.6
As per Ind AS
28
Improvement in Working Capital
Receivables Days
79
79
FY18
FY19
Payable Days
68
54
Inventory Days
110
75
FY18
FY19
Working Capital Days
122
100
FY18
FY19
FY18
FY19
29
Consistent Growth in Business
(Rs in Crores)
Total Revenue from operations
EBITDA
Margin
210.1
266.5
251.2
+17%
308.1
395.3
451.9
14.0%
11.9%
13.9%
17.5%
15.4%
15.3%
+19%
54.0
61.1
69.3
29.4
31.8
34.9
FY14
FY15
FY16
FY17
FY18
FY19
FY14
FY15
FY16
FY17
FY18
FY19*
EBIT
PAT
11.8%
10.6%
12.4%
15.8%
13.9%
13.2%
4.9%
7.0%
8.9%
9.8%
9.2%
9.0%
+19%
48.5
55.1
59.5
24.8
28.2
31.1
+31%
30.2
36.5
40.8
18.7
22.3
10.4
FY14
FY15
FY16
FY17
FY18
FY19
FY14
FY15
FY16
FY17
FY18
FY19
As per Ind AS post FY17 On Consolidated Basis
*One off Expenses (Bad Debts Written Off)
30
Segmental Revenue Breakup
(Rs in Crores)
Dyestuff
Dye Intermediates
101.2
109.1
40.2
165.4
201.2
171.4
196.4
200.3
226.8
FY14
FY15
FY16
FY17
FY18
FY19
FY14
FY15
FY16
FY17
FY18
FY19
Acid Complex
16.3
Fertilisers
90.9
70.1
57.6
7.7
10.3
10.2
8.7
8.9
48.2
48.7
31.0
FY14
FY15
FY16
FY17
FY18
FY19
FY14
FY15
FY16
FY17
FY18
FY19
Higher captive consumption of Dye Intermediates and Acids, for Production of Dyes
As per Ind AS post FY17
On Consolidated Basis
31
Key Financial Parameters
(Rs in Crores)
Net Debt
58
22
45
7
-8
-24
ROE %
21.1%
16.3%
13.7%
15.7%
15.4%
14.4%
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18#
Mar-19#
Mar-14
Mar-15
Mar-16^
Mar-17^
Mar-18#^
Mar-19#^
Net Debt to Equity
0.9
0.2
0.2
0.0
-0.1
0.0
24.9%
19.6%
ROCE %
23.5%
17.2%
18.3%
18.0%
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18#
Mar-19#
Mar-14
Mar-15
Mar-16^ Mar-17^
Mar-18#^
Mar-19#^
As per Ind AS post FY17
On Consolidated Basis
^Lower return ratios led by increase in Shareholder Capital post IPO
#Includes Kisan Phosphate in FY18 & FY19
32
For further information, please contact
Company :
Investor Relations Advisors :
Shree Pushkar Chemicals & Fertilisers Ltd CIN: L24100MH1993PLC071376 Mr. S N Sengupta, Associate Director sengupta@shreepushkar.com
Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Ms. Neha Shroff / Mr. Shrikant Sangani neha.shroff@sgapl.net /shrikant.sangani@sgapl.net Tel: 7738073466/ 9619595686
www.shreepushkar.com
www.sgapl.net
33