Laxmi Organic Industries Ltd share Price

Q4FY22 Quarterly Result Announced for Laxmi Organic Industries Ltd.

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.”

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