Commodity Chemicals company Gulshan Polyols announced Q4FY23 & FY23 results:
- Revenue from operations increased by 3.19% from Rs 2,922.27 million in Q4FY22 to Rs 3,015.37 million in Q4FY23
- EBITDA increased by 11.07% from Rs 260.04 million in Q4FY22 to Rs 288.84 million in Q4FY23 and margins from 8.90% in Q4FY22 to 9.58% in Q4FY23
- PAT stood at Rs 145.50 million in Q4FY23, compared to Rs 116.68 million in Q4FY22 recording a increase of 24.70%
- Revenue from operations increased by 7.18% to Rs 11,797.30 million in FY23 from Rs 11,007.26 million in FY22. The revenue growth was led by healthy demand for products across all our segments.
- EBITDA decreased by 37.41% from Rs 1,521.65 million in FY22 to Rs 952.43 million in FY23 and margins from 13.82% in FY22 to 8.07% in FY23 owing to elevated commodity prices impacting raw material and due to elevated coal prices. However, on a sequential basis, margins increased from 7.3% in Q3FY23 to 9.6% in Q4FY23
- PAT stood at Rs 453.62 million in FY23, compared to Rs 852.49 million in FY22 recording a decline of 46.79% due to operational factors as mentioned above and raised finance cost consequent to ongoing expansions.
Commenting on the performance of FY23, the management team of the company states, “We are delighted to share our financial and business performance for Q4FY23 and FY23. Revenue from operations stood at Rs 3,015.37 million and Rs 11,797.30 million respectively with a growth of 3.19% on a quarterly basis and healthy growth of 7.18% annually. The company continued to witness strong demand for its products across all segments during the quarter and recorded the highest-ever yearly sales. Our revenue from operations grew in a steady manner with the support of continued peak utilization of our capacities.
The company continues to face pressure on account of Raw Material Prices across the Grain Processing and Ethanol Division and thus our margins have declined during Q4FY23 compared to Q4FY22 due to elevated key input prices, however, it was marginally aided by an increase in grain-based ethanol prices and fast execution of key contracts in the mineral processing segment.
Further, On the ESG front, we continue to transform lives of the community around us and are consistently focused on sustainability in all our operational and growth planning."