Alkyl Amines Chemicals (506767) Q4 02/03 earnings summary

Executive summary

• FY2002-03 gross revenue reached Rs 10,469 lacs, up 11% YoY; PBT rose 104% to Rs 567 lacs and PAT rose 92% to Rs 331 lacs.

• Results improved amid a chemical-industry recession, supported by higher volumes, better facility utilization, cost controls, improved sourcing and marketing.

Financial highlights

• Net sales after excise were Rs 9,175.81 lacs versus Rs 8,260.03 lacs; gross sales were Rs 10,113.67 lacs versus Rs 9,136.71 lacs.

• PBIDT was Rs 1,857.92 lacs versus Rs 1,651.27 lacs; interest and financial expenses were Rs 885.91 lacs versus Rs 1,060.70 lacs.

• PAT was Rs 331.39 lacs versus Rs 172.25 lacs; EPS was Rs 3.74 versus Rs 1.94.

• Export turnover was Rs 2,791 lacs FOB, up 16% YoY; exports were Rs 2,790.66 lacs in the detailed foreign-currency disclosure.

Outlook and guidance

• April 2003 sales were Rs 598.27 lacs; the transport strike affected results, while demand showed positive growth for some products.

• Raw-material prices were fluctuating with an upward near-term trend; softer international oil prices could ease energy costs.

• New-plant volumes, Custom Synthesis activity, yield improvements, cost reduction and marketing and production initiatives were expected to support FY2003-04 performance.