Jubilant Ingrevia (JUBLINGREA) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated revenue rose 42% YoY to ₹49,494 million; EBITDA increased 38% to ₹8,633 million and PAT rose 51% to ₹4,767 million.

• Strong demand, higher prices and volumes supported growth; input, energy and logistics inflation pressured margins, while a ₹20,500 million multi-year capex plan underpins expansion.

Financial highlights

• Revenue from operations ₹49,494 million, up 42% YoY; reported EBITDA ₹8,633 million, up 38%; EBITDA margin 17.4% vs 17.9%.

• PBT ₹7,089 million vs ₹4,183 million; PAT ₹4,767 million, up 51%; EPS ₹30.0 vs ₹19.9 on the pro forma comparison basis.

• Operating expenditure reached ₹41,176 million, up 43%; material costs rose to ₹27,941 million from ₹18,364 million.

• Net cash from operating activities was ₹4,527 million; consolidated capital expenditure was ₹2,396 million.

Outlook and guidance

• Planned FY22-FY25 capex of ₹20,500 million, fully funded through internal accruals; over 70% is directed to value-added businesses.

• Investment blueprint targets peak incremental revenue of ₹45,000 million at FY21 prices; Specialty Chemicals and Nutrition & Health Solutions are projected to reach about 65% of revenue versus 46% in FY22.

• FY23 Specialty Chemicals outlook anticipates volume-led growth as CDMO GMP and non-GMP facilities come on stream; agro actives and Diketene derivatives expand the portfolio.

• All facilities covered by committed capex were expected to be commissioned by FY24; further projects were planned for completion by FY25.