Manorama Industries (541974) Q4 20/21 earnings summary

Executive summary

• FY2020-21 revenue from operations rose 11% YoY to ₹2,084.4m, while EBITDA and PAT declined amid pandemic-related disruption and lockdowns.

• Birkoni’s integrated plant operated at optimum capacity; growth priorities included capacity additions, new products, export-market expansion and sustainable sourcing.

Financial highlights

• Revenue from operations was ₹2,084.4m vs ₹1,882.4m; EBITDA was ₹356.4m vs ₹438.5m; PAT was ₹183.3m vs ₹233.3m.

• Cash profit was ₹262.8m vs ₹310.0m; total income was ₹2,145.9m vs ₹1,941.9m.

• Export revenue increased to ₹1,283.7m from ₹732.3m, while domestic revenue was ₹742.9m vs ₹1,057.4m.

Outlook and guidance

• Management was cautiously optimistic about FY2021-22 revenue and profitability, subject to pandemic uncertainty; priorities included capacity expansion, innovation, cost reduction and wider geographic reach.

• Planned investment in additional fractionation and refinery capacity was intended to meet global demand; the stated plan adds 25,000 MT per annum to each process.