Gujarat Fluorochemicals Ltd's consolidated revenue for Q4FY18 came in at Rs991.74cr, down up 46.8% yoy. The adjusted operating profit for the quarter came in at Rs168.67cr, down by 57.8% yoy. The EBITDA margin declined by ~446bps yoy to 17% in Q4FY18. The adjusted net profit after tax attributable to owners stood at Rs61.34cr, down by 28.4% yoy.
• The company witnessed significant improvement in chemicals business led by higher sales in refrigerant, PTFE, chloromethanes, caustic soda and VAP segments. The chemical business revenues, EBITDA and PAT was up 42%, 134% and 359% yoy respectively.
• Under chemicals business, poly tetrafluoroethylene (PTFE), choloromethanes and caustic soda increased significantly by 35%, 36% and 43% yoy to Rs199.8cr, Rs75.6cr and Rs132.9cr respectively in Q4FY18. The revenue from refrigerants came in at Rs75.6cr in Q4FY18 as against Rs55.4cr in Q4FY17.
• The wind turbine manufacturing business witnessed temporary downturn as a result of transition from the FIT based market to auction based market regime. The management expects FY19 to be the beginning of a new phase of robust growth based on auction volume of 6GW-10GW on a sustainable basis. The revenue from this segment declined by 80% to Rs203.4cr in Q4FY18 as against Rs1,019.2cr in Q4FY17. The EBITDA loss from this segment is Rs29.8cr in Q4FY18 as against Rs229.5cr EBITDA profit in Q4FY17.
• The company has substantially exited from wind farming business by selling 246MW out of 269MW of operational capacity.
• Film exhibition business witnessed revenue and EBITDA of 12% and 75% yoy respectively in Q4FY18. The PAT increased around three times to Rs114.6cr in Q4FY18 as against Rs30.6cr in Q4FY17.
• The finance cost of the company declined significantly by 15.8% yoy to Rs63.4cr in Q4FY18.
• The effective tax rate of the company was at 14% in FY18 as against 35% in FY17.
• Total debt of the company reduced significantly to Rs1,668cr as on March 31, 2018 as against Rs3,000cr as on March 31, 2017. The net debt-equity ratio stood at 0.215x as on March 31, 2018.
• Board of directors recommended a dividend of Rs3.5 per equity share for FY18.
Gujarat Fluorochemicals Ltd is currently trading at Rs. 792.40, down by 14.7 points or 1.82% from its previous closing of Rs. 807.10 on the BSE.
The scrip opened at Rs. 809.60 and has touched a high and low of Rs. 812 and Rs. 783 respectively. So far 22,269 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 100 DMA.
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