India Glycols (500201) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated net revenue rose 24.3% to ₹3,294 crore, EBITDA increased 34.0% to ₹428 crore and PAT grew 22.7% to ₹173 crore; EBITDA margin improved to 12.9%.

• Growth was led by BSPC and Potable Spirits; grain-based capacity helped mitigate cost increases, and Biofuels made a positive start.

• Excluding ₹28 crore exceptional income in FY23, adjusted PAT grew 53.2%.

• Auditors issued unmodified opinions on the audited standalone and consolidated results.

Financial highlights

• FY24 consolidated gross revenue rose 19.3% to ₹7,922 crore; net revenue increased 24.3% to ₹3,294 crore.

• FY24 EBITDA was ₹428 crore, up 34.0%, and EBIT rose 45.2% to ₹327 crore; EBITDA margin reached 12.9% versus 11.9%.

• FY24 PBT was ₹223.31 crore versus ₹165.00 crore; EPS was ₹55.87 versus ₹45.55.

• Q4 net revenue grew 49.5% to ₹926 crore and EBITDA rose 8.7% to ₹109 crore; EBITDA margin fell 437 bps to 11.7%.

• Q4 PAT was ₹42.21 crore, up 5.9%; EPS was ₹13.63 versus ₹12.87, with higher tax provision partly affecting PAT growth.

Outlook and guidance

• FY25 priorities include better traction in glycols, full-year utilization of recently added biofuel capacity and increased contribution from value-added products.

• New value-added chemical facilities were partially commissioned, with full commissioning expected by Q2FY25; ₹200 crore FY25 revenue from new products is a target dependent on partner projects.

• Gorakhpur grain-based distillery expansion to 290 KLPD, with ₹133 crore capex, was targeted to operate by Q2FY25.

• Product pipeline includes C-smart alcohol-derived products, bio-based specialties, bio-esters, specialty bio-amines, APIs and nutraceuticals.

• Ennature Biopharma management indicated turnover could rise at least 45% in FY25, with margins expected to improve as new industrial products gain traction.