Specialty Chemicals company Galaxy Surfactants announced Q2FY24 & H1FY24 results:
Financial Performance:
- Total Revenue: Galaxy Surfactants reported a total revenue of Rs 1,930.1 crore for H1FY24.
- EBITDA: The company achieved an EBITDA of Rs 253.2 crore.
- PAT: The Profit After Tax (PAT) stood at Rs 152.6 crore.
Operational Performance:
- Volume Growth: The company saw volume growth across all regions and segments in Q2FY24.
- India: There was a strong positive performance with an upward trend in volume growth.
- AMET (Africa Middle East and Turkey): There was a recovery in performance-surfactant volumes.
- ROW (Rest of the World): There was a low single-digit sequential improvement in Q2FY24.
Sales Volume:
- Performance Surfactants: Maintained strong double-digit growth in H1FY24 and Q2FY24.
- Specialty Care: Masstige segments returned to growth with high single-digit volume growth YoY and double-digit growth in Q2FY24.
Commenting on the performance U. Shekhar, Managing Director, Galaxy Surfactants said, “This has been a Good Quarter for us. Volume growth registered across all regions and segments in Q2FY24 is a strong positive. While the Profitability has declined marginally, across-the-board volume growth implies demand revival. India continues to remain a big positive for us. Easing inflation and macro issues in Africa Middle East, and Turkey have enabled strong performance-surfactant volume recovery. Barring any adverse spillover effects of the War, we do see this trend continuing.
While Masstige specialties have done very well in India, AMET, and ROW, premium specialties continue to lag due to the inventory destocking situation in North America and recessionary conditions in Europe. But given the low single-digit sequential improvement seen in Q2FY24, we do expect a better 2024 for our premium specialties.
Going ahead, barring any adverse supply-led shocks, volume growth should remain in the upper band of 6- 8%. Easing inflation and improvement in demand for premium specialties will gradually ensure improvement in EBITDA/MT from FY 2024-25.”