Jubilant Ingrevia (JUBLINGREA) Q4 20/21 earnings summary

Executive summary

• FY21 pro-forma revenue grew 10% YoY to ₹34,911m; EBITDA rose 53% to ₹6,265m and PAT increased 43% to ₹3,161m, supported by demand and cost controls.

• Results combine the LSI segment’s Apr 2020–Jan 2021 results with audited Feb–Mar 2021 results after the demerger, providing a continuing-operations view.

Financial highlights

• Revenue from operations was ₹34,911m vs ₹31,786m in FY20; growth reflected higher volumes and pricing.

• EBITDA was ₹6,265m vs ₹4,091m; EBITDA margin expanded to 17.9% from 12.9%, up 507 bps YoY.

• PAT rose to ₹3,161m from ₹2,205m; EPS increased to ₹19.9 from ₹13.8 on the combined-profits basis.

• PBT after exceptional items was ₹4,183m vs ₹1,977m; FY21 included a ₹129.44m write-off of obsolete property, plant and equipment.

Outlook and guidance

• Planned three-year capex: ₹5,500m for Speciality Chemicals, ₹1,000m for Nutrition & Health Solutions and ₹2,500m for Life Science Chemicals.

• Speciality plans include Diketene derivatives, agro-active facilities and multi-product CDMO capacity; Nutrition plans include ~20% Vitamin B3 capacity expansion and premix investment.

• Life Science Chemicals plans include ~35% higher Acetic Anhydride capacity and a green Acetic Acid plant; growth plans are expected to be funded primarily through internal accruals.

• FY22 plans include upgrading the Niacinamide facility for US DMF and European CEP standards to target regulated pharma markets.