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Laxmi Organic Industries Results: Latest Quarterly Results & Analysis

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Laxmi Organic Industries Ltd. 23 Jan 2025 11:22 AM
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Q3FY25 Quarterly Result Announced for Laxmi Organic Industries Ltd.

Specialty Chemicals company Laxmi Organic Industries announced Q3FY25 results

  • Total volumes increased by ~17% on a YoY basis in Q3FY25 and ~15% in 9MFY25 on a YoY basis across both business units.
  • Revenue for Q3FY25 grew by ~13% YoY and by ~10% for 9MFY25 on a YoY basis.
  • EBIDTA for Q3FY25 grew by 43% YoY on account volume growth in both BU’s, better product mix, and operational efficiencies.
  • PAT Margin stood at 3.7% for Q3FY25 and at 4.0% in 9MFY25.
  • Further in Q3FY24, there was a prior period tax exemption adjustment which resulted in lower tax provision in the quarter.

Rajan Venkatesh – MD & CEO said: “We have continued our growth journey and delivered double-digit growth in Volumes, Revenue and EBITDA in Q3 & 9MFY25 on a year-on-year basis, despite the prevailing operating environment and in the constantly evolving geopolitical backdrop and its consequences.

This growth continues to be driven with our focus on; a) operational efficiency efforts resulting in both additional volumes and improved cost competitiveness, b) capacity augmentation and, c) our customer centric approach which has enabled us to expand our market share and widen our reach to new customers & industries.

At our Fluoro-intermediates site we are steadily changing gears and now are focused to generate revenues from Q4FY25 to expand our overall Specialties intermediate product offerings to our customers.

At our Dahej site, we continue to remain on track to receive the pending regulatory approvals, and the project remains in schedule on timelines and budget.

Also, in Q3FY25, Laxmi Organic received a CREDIT rating ‘UPGRADE’ from India Ratings and CRISIL. The Company is now rated ‘AA/Stable/A1 ’.

We remain #GearedtoWin and #GearedforGrowth to achieve our laid-out plans for FY28. I would like to share my deep appreciation to the whole Laxmi Organic team, our customers and all related stakeholders.”

Result PDF

Result PDF

Specialty Chemicals company Laxmi Organic Industries announced H1FY25 & Q2FY25 results

  • Revenue for Q2FY25 grew by ~18% YoY and ~8% for H1FY25 on a YoY basis.
  • Total volumes increased by ~19% on a YoY basis in Q2FY25 and ~14% in H1FY25 on a YoY basis across both business units.
  • EBIDTA for Q2FY25 grew by 92% YoY and EBIDTA margins stood at 9.7%.
  • PAT for Q2 & H1FY25 grew by 162% & 27% YoY respectively.

Rajan Venkatesh – MD & CEO, Laxmi Organic Industries, said: “We have delivered double-digit top-line growth in Q2FY25 on a year-on-year basis and double-digit volume as well as bottom-line growth on a year-on-year basis in Q2FY25 and H1FY25 despite the prevailing chemical industry dynamics and in the constantly evolving geopolitical backdrop.

This growth is driven with our continued focused on a) operational efficiency efforts resulting in both additional volumes and improved cost competitiveness, b) capacity augmentation and c) our customer centric approach which has enabled us to expand our market share and widen our reach to new industries.

At our Fluoro-intermediates site the emphasizes remains on scaling the plant with commercial production in H2FY25, with a focus to start generating revenue from this business in H2FY25 to expand our overall Specialties intermediate product offerings to our customers.

At our Dahej site, we remain on track to receive the pending regulatory approvals, and the project remains on track on timelines and budget.

We remain ‘Geared to Win’ and ‘Geared for Growth’ to achieve our laid-out plans for FY28.”

Result PDF

Specialty Chemicals firm Laxmi Organic Industries declares Q4FY22 result:

  • FY22 Standalone Operating Revenue of Rs 29,965 Mn.
  • Q4 FY22 Standalone Operating Revenue of Rs 9,062 Mn.
  • FY22 Profit After Tax at Rs 2,311 Mn; Q4 FY22 Profit After Tax at Rs 410 Mn
  • Standalone Financial Highlights for the Year Ended March 31 st, 2022:
    • Operating Revenues at Rs 29,965 Mn in FY22 as compared to Rs 16,061 Mn in FY21; a growth of 87% YoY  
    • EBITDA at Rs 3,194 Mn in FY22 as compared to Rs 2,025 Mn in FY21; a growth of 58% YoY  
    • EBITDA Margins stood at 11% in FY22, as compared to 13% in FY21
    • Profit After Tax at Rs 2,311 Mn in FY22 as compared to Rs 1,226 Mn in FY21; a growth of 89% YoY  
    • EPS for FY22 was 8.77 as compared to 5.40 in FY21
  • Standalone Financial Highlights for Quarter Ended March 31st, 2022:
    • Operating Revenues at Rs 9,062 Mn in Q4FY22 as compared to Rs 4,674 Mn in Q4FY21; a growth of 94% YoY and growth of 4% QoQ
    • EBITDA at Rs 568 Mn in Q4 FY22 as compared to Rs 556 Mn in Q4 FY21; a growth of 2% YoY, de-growth of 44% QoQ
    • EBITDA margin stood at 6% in Q4 FY22 and contracted by 564 bps YoY and by 539 bps QoQ
    • Profit After Tax at Rs 410 Mn in Q4 FY22 as compared to Rs 312 Mn in Q4 FY21; a growth of 31% YoY   and contraction of 49% QoQ
    • EPS for Q4FY22 was 1.56 as compared to 1.34 in Q4FY21
  • Consolidated Financial Highlights for Year Ended March 31st, 2022:
    • Operating Revenues at Rs 30,842 Mn in FY22 as compared to Rs 17,684 Mn in FY21; a growth of 74% YoY  
    • EBITDA at Rs 3,677 Mn in FY22 as compared to Rs 2,167 Mn in FY21; a growth of 70% YoY  
    • EBITDA Margins stood at 12% in FY22, in line with same period last year
    • Profit After Tax at Rs 2,565 Mn in FY22 as compared to Rs 1,271 Mn in FY21; a growth of 102% YoY  
    • EPS for FY22 was 9.72 as compared to 5.58 in FY21
  • Consolidated Financial Highlights for Quarter Ended March 31st, 2022:
    • Operating Revenues at Rs 8,799 Mn in Q4FY22 as compared to Rs 5,195 Mn in Q4FY21; a growth of 69% YoY and of 2% QoQ
    • EBITDA at Rs 730 Mn in Q4FY22 as compared to Rs 655 Mn in Q4FY21; a growth of 11% YoY and a de-growth of 39% QoQ
    • EBITDA Margins stood at 8% in Q4FY22; contracted by 431 bps YoY and by 551 bps QoQ
    • Profit After Tax at Rs 575 Mn in Q4FY22 as compared to Rs 364 Mn in Q4FY21; a growth of 58% YoY and a de-growth of 30% QoQ
    • EPS for Q4FY22 was 2.30 as compared to 1.56 in Q4FY21

Commenting on the strong financial performance Mr. Ravi Goenka, Chairman & Managing Director, said, “I am happy to share that FY 22 has been a strong year despite the headwinds that we faced on many fronts. We recorded a strong performance in both our business segments – Acetyl Intermediates (AI) and Specialty Intermediates (SI), despite the Mahad plant being shut for 50 days between July and August 2021 on account of floods. This was also compounded by high volatility in raw material costs along with logistical challenges. However, our results this year highlight the true merits and strength of our business.

Our performance this quarter was largely driven by our SI business, which performed strongly on both fronts - volume and product mix. The volumes in this quarter which mirrored what we did in the last quarter saw a richer product mix. We made an entry into US which is a new market that opened for this in this quarter. Our SI revenue grew by 74% on annual basis and 5% on a sequential basis from Q3FY22. On the AI front, this quarter, while our volumes remain strong, margins were impacted due to price corrections. Our pricing in Europe for the AI segment remained robust, and it is expected to remain so in the near future as well. AI revenue grew by 98% in FY22 from FY21, and on a quarterly basis by around 1% from Q3FY22. I am happy to share that we have successfully brought into stream part of our SI Capex, the commercial production of which has started in Q1FY23, and the rest shall begin by Q3FY23. Our FI Capex, which is being undertaken in a phased manner, remains on track and is expected to be completed by Q3FY23.

Going forward, we will continue to drive operational efficiencies and maintain our leadership position in AI, through enhanced capacities and periodic debottlenecking. For our SI segment, we are confident that new capacities will further improve our product mix, while we focus on increasing the share of contractual sales and expand geographical presence. The opportunity in our FI segment is robust, we are preparing for a phased growth beginning with agrochemicals and progressing to pharmaceuticals and industrials later. The strategy of creating a strong foundation has worked for us in our SI segment, and we are confident that we can replicate that success in our FI area as well.”

Result PDF

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