Gujarat Fluorochemicals Ltd's consolidated revenue for Q2FY19 came in at Rs1,479.5cr, up 69% yoy. The adjusted operating profit (before forex, exceptional items, and share of joint ventures/associates) for the quarter came in at Rs289.2cr, up 47.7% yoy. EBITDA margin contracted ~282bps yoy to 19.6% in Q2FY19. The adjusted net profit after tax (excluding tax write-back pertaining to previous periods) stood at Rs91.2cr, up 52.6% yoy.
• The company witnessed significant improvement in chemicals business led by higher sales across all segments like refrigerant, PTFE, chloromethanes, caustic soda and VAP segments. The chemical business revenues, EBITDA and PAT (excluding tax refund) was up 48%, 28% and 26% yoy respectively.
• The performance under chemical business is a combination of high volumes and improvement in price realizations across all key chemical segments. This indicates that company has improved its competency in the market and is a major beneficiary of receding competition from China.
• Under chemicals business, poly tetrafluoroethylene (PTFE), choloromethanes and refrigerants increased significantly by 76%, 47% and 32% yoy to Rs293.9cr, Rs91.6cr and Rs78.5cr, respectively in Q2FY19.
• The wind turbine manufacturing business witnessed a turn around after one year of transition pain, with stabilization of auction regime. The segment had sales of 90MW and commissioning of 16MW from SECI-1. The revenue from this segment increased by 449% to Rs437.4cr in Q2FY19 as against Rs80.2cr in Q2FY18. The EBITDA from this segment is Rs53cr in Q2FY19 as against loss of Rs19.6cr in Q2FY19.
• 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 17% and 2% yoy respectively in Q2FY19. The PAT increased by 2% yoy in Q2FY19.
• Finance cost declined by 27% yoy to Rs57.3cr in Q2FY19.
• Adjusted consolidated effective tax rate was at 40% in Q2FY19 vs. 30% in Q2FY18.
• Total consolidated debt (long and short term) stood at Rs1,695.4cr as on September 30, 2018 (Rs1,668cr as on March 31, 2018).
• Board has approved proposal for demerger of chemical business of the company.
Gujarat Fluorochemicals Ltd ended at Rs929.05, up Rs3.5, or 0.38%, from its previous close of Rs925.55 on the BSE. The scrip opened at Rs928.95 and touched a high and low of Rs958 and Rs891.60, respectively. A total of 7,02,296 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50-DMA.
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