Anupam Rasayan India (ANURAS) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue was INR 15,053.16 million, down 7% YoY; PAT was INR 1,674.34 million, down 23%, while EBITDA margin held at 27%.

• Agrochemical weakness, customer destocking and lower raw-material prices weighed on FY24 performance; pharma and polymer expansion are expected to support FY25 growth.

• Pharma contributed over 9% of FY24 revenue, up from 4% in FY23; pharma and polymer are targeted to reach double-digit revenue shares.

Financial highlights

• FY24 consolidated EBITDA including other revenue was INR 4,109 million, down 7% YoY; PAT was INR 1,674.34 million, down 23%.

• Q4 FY24 consolidated revenue was INR 4,130.48 million; EBITDA was INR 1,047 million and PAT was INR 404.69 million.

• FY24 standalone revenue was INR 11,546.08 million and PAT was INR 1,172.93 million; Q4 standalone revenue was INR 3,195.41 million and PAT was INR 283.18 million.

• FY24 consolidated finance costs rose to INR 894.34 million from INR 626.61 million; depreciation and amortization was INR 797.02 million.

Outlook and guidance

• FY25 growth is expected, with H1 headwinds and stronger growth anticipated in H2; numeric revenue guidance was deferred pending improved visibility.

• FY25 EBITDA margin outlook is 26% or higher; pharma contribution is expected near 15%, with pharma and polymer targeted for double-digit revenue shares.

• LOIs and contracts contributed slightly less than INR 200 crore in FY24; FY25 contribution is expected at INR 326 crore, plus or minus 25%.

• Current capacity can support INR 1,600–1,700 crore revenue; completed expansion is expected to enable capacity for INR 3,000 crore at the current mix, not a revenue forecast.