Shree Pushkar Chemicals -; Fertilizers logs 44% yoy revenue growth to Rs137 crore in Q3FY22; Stock dives 4.5%

14 Feb 2022 , 09:18 AM

Shree Pushkar Chemicals & Fertilisers Limited, a leading manufacturer of Dyes, Dye Intermediates, and Fertilisers with a product portfolio of more than 25 products , has announced its Unaudited Financial Results for the quarter ended December 31, 2021.

Performance at a glance:

• Revenue at Rs137.3 crore in Q3FY22 growth of 44% on yoy basis
• EBITDA at Rs19.7 crore in Q3FY22, growth of 46% on yoy basis, EBIDTA margins stood at 14%
• PAT at Rs12.4 crore, growth of 37% in Q3FY22 on yoy basis, PAT margins @ 9%

Key business updates

• Revenue grew by 44% on yoy basis to Rs137.3 CRsWe believe business is getting back to normalcy post the pandemic & lockdown situation.
• Volume growth, operational efficiencies & cost rationalisation programmes are in place to make sure our overall profitability and margin expansion plans are on track
• Total Volume growth stood at 31% for 9M FY22 vs 9M FY21. “Our volume growth for chemicals segment stood at 25% for 9M FY22 vs 9M FY21 and for fertilisers segment it was at 32% for 9MFY22 vs 9M FY21,” said company.

Update on Capital Expenditure Plan

Dye Intermediates (DI):

• Planned Capex of Rs108 crs to further expand the DI capacities to 24,000 MTPA
• Capex plan is on track and SPCFL has already incurredRs 99.5 crore which is 92% of the planned capex until December 31, 2021.
• Dry run has commenced for Unit V and we expect the commercial production by Q4FY22.

Solar Project

• Electricity generation commissioned for two solar projects of 2.00 MW_AC/2.60 MW_DC each (Total 5.2 MW_DC) in Ahmednagar, Maharashtra.
• Planned capex of Rs 21 crs out of which Rs 13.29 crs has been incurred until December 31, 2021.
• This shall lead to significant reduction in energy cost going ahead

Commenting on the Results, Mr. Punit Makharia, CMD said, “SPCFL has delivered a growth in volume and PAT for 9M-FY22. The volume growth is at 31% for 9M FY22 vs 9M FY21 and the PAT has more than doubled for the period ending 9M FY22 at Rs 41.5 crore.

For Q3FY22, our PAT growth was 37% yoy over the same quarter last year.

As the situations are inching towards normalisation, we further envisage an uptick in volumes and are optimistic of volume & realisation growth for the coming year.

We are uniquely placed as one of the few market players equipped in both forward and backward integration. Our Company operates from 8 sites pan India and its process has strong quality control, and we take pride in informing you all that we are a zero-waste company. The strong quality control of our products in terms of accreditation of bluesign, System Partner; ZDHC, contributor and GOTS, the Global Organization Textile Standard helps our company to enjoy the trust from global players as well.”

At around 9:17 AM, Shree Pushkar Chemicals & Fertilizers was trading at Rs201.85 per piece down by 4.43% on Sensex.