Mumbai, August 11, 2023: Ami Organics Limited (AMI) (BSE: 543349, NSE: AMIORG) today reported financial results for the Quarter ended June 30, 2023.
Consolidated Financial Results – Q1FY24
Particulars (Rs. Mn) | Q1FY24 | Q1FY23 | YoY | Q4FY23 | QoQ |
Revenue from Operations | 1,424 | 1,310 | 8.7% | 1,864 | (23.6%) |
Gross Profit | 637 | 639 |
| 813 |
|
Gross Margin | 44.8% | 48.8% |
| 43.6% |
|
EBITDA | 252 | 229 | 9.7% | 408 | (38.4%) |
EBITDA Margin | 17.7% | 17.5% |
| 21.9% |
|
PAT | 167 | 149 | 12.0% | 272 | (38.8%) |
PAT Margin | 11.7% | 11.3% |
| 14.6% |
|
Commenting on results, Mr. Naresh Patel, Executive Chairman & Managing Director, Ami Organics Limited, said: “I am extremely pleased that we have been able to deliver sustained growth during the quarter, on the back of deflationary pricing environment in the chemicals industry. Our revenue from operations grew by 9% to Rs. 142 cr. The growth was driven by strong momentum in specialty chemicals business with steady trajectory in the advance pharmaceutical intermediate business.
Segment wise, I believe advance intermediate business will recover strongly from Q2FY24 onwards whereas we will be commercialising a new product during Q2FY24 in the specialty chemicals segment which will further boost the growth for the segment.
On the electrolyte business, we are very close to signing contracts with a few customers and details of the same will be shared once we sign the MOU. I would like to mention, the size of these contracts that we are discussing with customers is much larger than what we had anticipated.
Overall, I believe despite the challenging external environment, we are confident of delivering
strong growth with robust margins during the year.”
Key Results Highlights (Q1 FY24 Consolidated):
ü Revenue from operations for Q1FY24 grew by 8.7% YoY to Rs. 1,424 mn
ü The Gross margin for the quarter was at 44.8% as compared to 48.8% in Q1FY23. Lower gross margin for the quarter was due to product mix.
ü EBITDA for the quarter came at Rs. 252mn up 9.7% YoY compared to Rs. 229 mn in Q1FY23.
ü EBITDA margin for the quarter was at 17.7% as compared to 17.5% in Q1FY23. EBITDA margin for the quarter was supressed on account of higher employee cost.
ü PBT for the quarter was at Rs. 223 mn up 9.8% YoY as compared to Q1FY23
ü PAT for the quarter was at Rs. 167 mn up 12% YoY as compared to Q1FY23
ü PAT margin for the quarter was at 11.7% as compared to 11.3% in Q1FY23
Key Business highlights:
ü Export at 37%; domestic business at 63%
o Export – Exports were lower as for some of the products customer changed the API supplier from overseas to India
ü Advance Pharmaceutical Intermediates
o Fermion contract: Validation batches have been sent. We are expecting to start the production from Q4FY24 onwards.
ü Specialty Chemicals
o Strong volume traction in Methyl Salicylate and Parabens. Post introduction of flow chemistry process for Methyl Salicylate, we are now globally competitive.
ü Electrolyte additives update
o Electrolyte samples approved at plant trial scale by 6 customers.
o We are in advance stages of negotiation of contract with couple of customers.
ü Capex Update
o Civil work for production and admin block completed. Tank farm and warehouse is more than 60% completed. Machinery installation is in progress in block-1.
o Started the recruitment process for the new facility. On track to commence the production activity in Q4 FY24.
ABOUT AMI ORGANICS LIMITED:
Ami Organics, headquartered at Surat, is a R&D driven manufacturer of specialty chemicals with varied end usage, focussed on the development and manufacturing of advanced pharmaceutical intermediates (“Pharma Intermediates”) for regulated markets and generic active pharmaceutical ingredients (“APIs”) and New Chemical Entities (“NCE”) and key starting material for agrochemical and fine chemicals. AMI has developed and commercialised over 520 Pharma Intermediates for APIs across 17 key therapeutic areas since inception and NCE, with a strong focus on R&D across select high-growth high margin chronic therapeutic areas.
No comments:
Post a Comment