Flair Writing Industries (FLAIR) Q4 22/23 earnings summary

Executive summary

• FY23 delivered strong reported growth: consolidated revenue from operations was ₹9,426.60 million and profit after tax was ₹1,170.37 million, versus ₹5,774.83 million and ₹562.31 million in FY22.

• Steel-bottle manufacturing began at Flair Cyrosil in March 2023; trial and commercial production succeeded, with the first consignment expected in June 2023.

Financial highlights

• Consolidated total income was ₹9,543.91 million in FY23 versus ₹5,876.42 million in FY22; profit before tax was ₹1,578.11 million versus ₹744.31 million.

• Standalone revenue from operations was ₹9,038.72 million versus ₹5,537.83 million; profit after tax was ₹1,115.98 million versus ₹538.75 million.

• Consolidated basic and diluted EPS were ₹12.54 in FY23 versus ₹6.02 in FY22; standalone basic and diluted EPS were ₹11.95 versus ₹5.77.

• Consolidated operating cash flow was ₹979.31 million in FY23 versus ₹360.29 million in FY22; standalone operating cash flow was ₹787.48 million versus ₹230.27 million.

Outlook and guidance

• Flair Cyrosil began steel-bottle manufacturing in March 2023 after successful trial and commercial production; the first commercial consignment was expected in June 2023.

• The subsidiary reported no FY23 operating revenue and a post-tax loss of ₹81.01 lakh, compared with a ₹45.02 lakh loss in FY22, as it prepared to fulfill its first order.