Fine Organic Industries (FINEORG) Q4 22/23 earnings summary

Executive summary

• FY23 delivered strong growth despite geopolitical tension and supply-chain disruption: revenue ₹3,029 crore, EBITDA ₹781 crore and PAT ₹591 crore.

• Growth was supported by normalising raw-material prices in Q3 and Q4, broad specialty-additive demand and a diverse export-led customer base.

Financial highlights

• Standalone revenue from operations rose 63% YoY to ₹3,02,914.62 lakh; EBITDA increased 124.17% to ₹78,127.96 lakh.

• Standalone PAT grew 135.61% to ₹59,059.89 lakh; PAT margin was 19.50%, versus 13.49% in FY22.

• Consolidated revenue from operations reached ₹3,02,307.66 lakh versus ₹1,87,625.92 lakh; PAT was ₹61,810.23 lakh versus ₹25,970.91 lakh.

• Standalone operating cash flow was ₹43,359.47 lakh, up from ₹7,403.60 lakh; year-end cash and cash equivalents were ₹48,920.34 lakh.

Outlook and guidance

• Management expressed confidence in the growth opportunity, citing a diverse portfolio, global presence and continued investment in innovation and sustainable additives.

• Patalganga, commissioned in March 2022, was still below optimum utilisation; land was identified in Gujarat, with allotment pending.

• India GDP growth was cited at 7.2% for FY23; CRISIL forecast an average 6.8% over FY24–28.