Jubilant Ingrevia (JUBLINGREA) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue from operations fell 13% YoY to ₹41,358 million; EBITDA declined 21% to ₹4,564 million and PAT fell 41% to ₹1,829 million.

• Results reflected global agrochemical destocking, soft Acetic Anhydride pricing, muted demand and higher Red Sea-related freight costs; Nutrition & Health Solutions grew despite those pressures.

• Strategy targets 3x revenue and 4x EBITDA over five years, supported by investment in higher-value products, capacity ramp-up, R&D and operating efficiencies.

Financial highlights

• Consolidated revenue was ₹41,358 million versus ₹47,727 million in FY23; reported EBITDA was ₹4,564 million versus ₹5,805 million.

• PAT was ₹1,829 million versus ₹3,075 million; basic EPS was ₹11.56 versus ₹19.34.

• Operating cash flow was ₹4,300 million; investing outflow was ₹5,688 million, mainly reflecting property, plant and equipment purchases.

• Standalone revenue was ₹39,872 million, EBITDA ₹4,384 million and PAT ₹1,624 million, each lower than FY23.

Outlook and guidance

• FY25 outlook is cautiously optimistic; agrochemical volumes may improve gradually while pricing remains pressured, and profitability recovery may lag.

• Pharmaceutical demand was stable in Q4 and is expected to improve; Nutrition demand remains steady, but price recovery is expected to take longer.

• Pinnacle 3.4.5 targets 3x revenue and 4x EBITDA over five years; ramping up newly commissioned plants and customer-led innovation are priorities.

• About ₹20,000 million of planned capex was targeted by FY25; a cGMP facility for food- and cosmetic-grade Niacinamide was expected to commission by Q3 FY25.