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Specialty chemicals company Jubilant Ingrevia announced Q1FY24 results:
- Q1FY24 vs Q1FY23:
- Total revenue: Rs 1,075 crore vs Rs 1,166 crore, down 8% YoY
- Total EBITDA: Rs 125 crore vs Rs 151 crore, down 17% YoY
- EBITDA margin (%): 11.6% vs 12.9%
- Profit after tax: Rs 58 crore vs Rs 79 crore, down 27% YoY
- Profit after tax margin (%): 6.8% vs 5.4%
- Basic & diluted EPS: Rs 3.6 vs Rs 5, down 27% YoY
Commenting on the Company’s performance, Shyam S Bhartia, Chairman and Hari S Bhartia, Co-Chairman, Jubilant Ingrevia, said: “We are pleased to announce stable performance in Q1FY24, given the backdrop of depressed market conditions specifically in Agrochemical end-use markets.
In our specialty chemicals business, demand from our agrochemical customers globally continues to face headwinds due to exceptionally higher pipeline inventories. However, demand from our Pharmaceutical and other customers has improved leading to improved price realization and margins from these products including CDMO.
In our Nutrition & Health Solution Business, Niacinamide sales volumes improved significantly, resulting into revenue growth. We continue to witness improved price realisation due to higher demand in the segment. Businesses continue to maintain the global leadership position in Niacinamide and focus on Niche segments like Food & Cosmetics.
In our Chemical Intermediates Business, we continue to improve our market share of key product Acetic Anhydride, despite the challenges of lower demand from the agrochemical end-use segment. We also witnessed lower price realisation in the segment due to pricing pressure from the agro end-use of Acetic Anhydride and lower realisation of Ethyl Acetate in the export market.
We are witnessing softening of coal prices and with that, our overall energy cost is expected to normalise.
We remain committed towards our growth plans and are confident that our well-defined capex plan will deliver structured growth in the future as planned.”
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