CIN: L65991DLl996PLC083909
Registered Office: 401-402, Lusa Tower, Azadpur Commercial Complex, Delhi - 110033
Q2 & H1 FY23 - Earnings update
Revenue from Operations reported at Rs.5,822.09 Mn in Q2 FY23 and Rs.11,428.99 Mn for H1 FY23
EBITDA stands at Rs.684.54 Mn in Q2 FY23 and Rs.1,269.08 Mn for H1 FY23
PAT at Rs.448.33 Mn in Q2 FY23 and Rs.831.42 Mn for H1 FY23
Delhi, 7th Nov, 2022: Insecticides (India) Ltd. ("IIL") is one of the leading manufacturers of agrochemicals, pesticides and technical products catering to the needs of domestic as well as international markets. IIL boasts of an impressive product portfolio consisting of 21+ technical products and 105+ formulation products. IIL, in its' board meeting, has announced its unaudited results for Q2 and H1 ended on 30th September, 2022.
Consolidated financial statement highlights for Q2 FY23 v/s Q2 FY22
Particulars (Rs. Mn) | Q2 FY23 | Q2 FY22 | YoY% | Q1 FY23 | |||
Revenue from Operations | 5,822.09 | 4,439.39 | 31.15% | 5,606.90 | |||
Other Income | 2.84 | (3.14) | 1.94 | ||||
Total Revenue | 5,824.93 | 4,436.25 | 31.30% | 5,608.84 | |||
Total Expenses excluding Depreciation, Amortization & | 5,137.55 | 3,797.70 | 5,022.37 | ||||
Finance Cost | |||||||
EBITDA | 684.54 | 641.69 | 6.68% | 584.53 | |||
EBITDA Margin (%) | 11.76% | 14.45% | -269 bps | 10.43% | |||
Depreciation & Amortization | 63.99 | 64.39 | 66.24 | ||||
Finance Cost | 27.40 | 16.99 | 14.08 | ||||
PBT before Share of profits of JV & investment | 595.99 | 557.17 | 506.15 | ||||
Add: Share of Profits of JV & Investment | 1.70 | 1.17 | 3.12 | ||||
PBT | 597.69 | 558.34 | 7.05% | 509.27 | |||
Total Tax Expenses | 149.36 | 139.55 | 126.19 | ||||
PAT | 448.33 | 418.79 | 7.05% | 383.08 | |||
Other comprehensive profit / loss | 2.79 | 5.44 | 12.50 | ||||
Net PAT | 451.12 | 424.22 | 6.35% | 395.58 | |||
PAT Margin % | 7.70% | 9.43% | -173 bps | 6.83% | |||
Diluted EPS | 15.15 | 14.15 | 7.07% | 12.94 |
Q2 & H1 FY23 Earnings Update | Captive IR Strategic Advisors Pvt. Ltd. |
Consolidated financial performance comparison - Q2 FY23 v/s Q2 FY22
- Revenue from Operations has grown by 31.15% from Rs. 4,439.39 Mn in Q2 FY22 to Rs. 5,822.09 Mn in Q2 FY23 mainly led by increase in sales of branded formulations owing to resilient demand in domestic market and acceptance of the newly launched products in the market.
- The EBITDA increased by 6.68% from Rs. 641.69 Mn in Q2 FY22 to Rs. 684.54 Mn in Q2 FY23. EBITDA margins declined from 14.45% in Q2 FY22 to 11.76% in Q2 FY23 on a YoY basis due to increase in cost of raw materials and currency headwinds which led to a forex loss. However, on QoQ basis, the margins improved by 133 bps primarily led by better product mix and calibrated price hikes majorly offsetting elevated input cost and currency headwinds.
- PAT increased by 7.05% from Rs. 418.79 Mn in Q2 FY22 to Rs. 448.33 in Q2 FY23.
- PAT margins decreased from 9.43% in Q2 FY22 to 7.70% in Q2 FY23.
Consolidated financial statement highlights for H1 FY23 v/s H1 FY22
Particulars (Rs. Mn) | H1 FY23 | H1 FY22 | YoY% | |||
Revenue from Operations | 11,428.99 | 9,122.00 | 25.29% | |||
Other Income | 4.78 | 13.16 | ||||
Total Revenue | 11,433.77 | 9,135.16 | 25.16% | |||
Total Expenses excluding Depreciation, Amortization & Finance | 10,159.91 | 7,949.49 | ||||
Cost | ||||||
EBITDA | 1,269.08 | 1,172.51 | 8.24% | |||
EBITDA Margin (%) | 11.10% | 12.85% | -175 bps | |||
Depreciation & Amortization | 130.22 | 127.80 | ||||
Finance Cost | 41.48 | 38.54 | ||||
PBT before Share of profits of JV & investment | 1,102.16 | 1,019.33 | ||||
Add: Share of Profits of JV & Investment | 4.82 | 3.64 | ||||
PBT | 1,106.97 | 1,022.97 | 8.21% | |||
Total Tax Expenses | 275.55 | 254.59 | ||||
PAT | 831.42 | 768.38 | 8.20% | |||
Other comprehensive profit / loss | 15.29 | 0.96 | ||||
Net PAT | 846.71 | 769.34 | 10.06% | |||
PAT Margin % | 7.28% | 8.42% | -114 bps | |||
Diluted EPS | 28.09 | 25.79 | 8.92% |
Q2 & H1 FY23 Earnings Update | Captive IR Strategic Advisors Pvt. Ltd. |
Consolidated financial performance comparison for H1 FY23 v/s H1 FY22
-
Revenue from operations recorded a growth of 25.29% from Rs. 9,122.00 Mn in H1 FY23 to Rs. 11,428.99 Mn in H1 FY23 mainly driven by the institutional sales and the increased acceptance of
IIL's newly launched products. - The EBITDA increased by 8.24% from Rs. 1,172.51 Mn in H1 FY22 to Rs. 1,269.08 Mn in H1 FY23 and the EBITDA margins de-grew from 12.85% in H1 FY22 to 11.10% in H1 FY23.
- PAT stood at Rs. 831.42 Mn in H1 FY23 as compared to Rs. 768.32 Mn in H1 FY22 recording a growth of 8.20% and PAT margins stood at 7.28% in H1 FY23 as compared to 8.42% in H1 FY22.
CONSOLIDATED CASH FLOW & BALANCE SHEET ANALYSIS
Particulars (Rs. Mn) | H1 FY23 | H1 FY22 | ||||||||||||||||||
Net Cash Generation from operation | (1,977.03) | (803.56) | ||||||||||||||||||
Net Cash Generated/ (Used in) investing activity | (439.00) | 515.72 | ||||||||||||||||||
Net Cash Generated/ (Used) from Financing activity | 2,199.83 | 327.33 | ||||||||||||||||||
Net Increase in Cash and Cash Equivalents | (216.20) | 39.49 | ||||||||||||||||||
Particulars (Rs. Mn) | 30.09.22 | 30.09.21 | Particulars (Rs. Mn) | 30.09.22 | 30.09.21 | |||||||||||||||
Assets | Equity & liabilities | |||||||||||||||||||
Non-current assets | Equity | |||||||||||||||||||
Property, plant and equipment | 2,138.98 | 2,004.66 | Equity share capital | 197.32 | 197.32 | |||||||||||||||
Capital work-in-progress | 1,256.70 | 712.59 | Other equity | 9,286.31 | 8,185.21 | |||||||||||||||
Right-of-use assets | 255.98 | 267.21 | Total equity | 9,483.63 | 8,382.53 | |||||||||||||||
Intangible assets | 67.40 | 64.10 | Non-current liabilities | |||||||||||||||||
Intangible assets under develop. | 53.24 | 51.33 | Borrowings | 29.37 | 18.61 | |||||||||||||||
Investment in JV | 108.43 | 102.91 | Lease liabilities | 25.34 | 31.94 | |||||||||||||||
Investments | 73.28 | 47.69 | Provisions | 16.11 | 27.68 | |||||||||||||||
Other Financials assets | 19.84 | 24.95 | Deferred tax liabilities (Net) | 125.19 | 127.08 | |||||||||||||||
Non-current tax assets (Net) | 168.63 | 152.21 | Total non-current liabilities | 196.00 | 205.30 | |||||||||||||||
Other non-current assets | 88.95 | 158.01 | Current liabilities | |||||||||||||||||
Total non-current assets | 4,231.42 | 3,585.67 | Borrowings | 2,709.73 | 1,908.90 | |||||||||||||||
Current assets | Lease liabilities | 18.05 | 19.12 | |||||||||||||||||
Inventories | 7,989.65 | 5,693.09 | Trade payables | 4,738.45 | 2,813.45 | |||||||||||||||
Trade receivables | 5,210.34 | 4,155.91 | Other Financial Liabilities | 473.13 | 304.45 | |||||||||||||||
Cash, bank and cash equivalents | 213.39 | 122.60 | Other Current Liabilities | 242.30 | 241.73 | |||||||||||||||
Other financial assets | 19.88 | 23.63 | Provisions | 27.67 | 47.99 | |||||||||||||||
Other Current Assets | 457.26 | 450.16 | Current tax liabilities (Net) | 233.02 | 107.59 | |||||||||||||||
Total current assets | 13,890.55 | 10,445.39 | Total current liabilities | 8,442.35 | 5,443.24 | |||||||||||||||
TOTAL ASSETS | 18,121.97 | 14,031.06 | TOTAL LIABILITIES | 18,121.97 | 14,031.06 | |||||||||||||||
Q2 & H1 FY23 Earnings Update | Captive IR Strategic Advisors Pvt. Ltd. |
- Total fixed assets (tangibles inc. CWIP) grew by 24.96% from Rs. 2,717.25 Mn in H1 FY22 to Rs. 3,395.68 Mn in H1 FY23 owing to the CAPEX incurred.
- Current assets stood at Rs. 13,890.55 Mn in H1 FY23 as compared to Rs. 10,445.39 Mn in H1 FY22.
- Long term borrowings stood at Rs. 29.37 Mn in H1 FY23, compared to Rs. 18.61 Mn in H1 FY23 and Short-term borrowings at Rs. 2,709.73 Mn in H1 FY23, compared to Rs. 1,908.90 Mn in H1 FY22 owing to the increase in working capital requirement.
- Working capital cycle has marginally decreased to 153 days in H1 FY23 as compared to 159 days in
H1 FY22. - Debt Equity ratio stood at 0.29 in H1 FY23 compared to 0.23 in H1 FY22 owing to the increase in the short-termborrowings.
- Cash flow from operations stands at Rs. (1,977.03) Mn in H1 FY23 as compared to Rs. (803.56) Mn in H1 FY22.
Financial snapshot
Improving Performance QoQ
Revenue from operations | EBIDTA | PAT | EBITDA% | PAT% | ||
7000 | 16.00% | |||||
14.45% | 5,822.09 | 14.00% | ||||
6000 | 5,606.90 | |||||
5000 | 11.76% | 12.00% | ||||
4,439.39 | ||||||
10.43% | 10.00% | |||||
4000 | 9.43% | |||||
7.70% | 8.00% | |||||
3000 | 6.83% | |||||
6.00% | ||||||
2000 | 4.00% | |||||
1000 | 641.69 | 584.53 | 684.54 | 2.00% | ||
418.79 | 383.08 | 448.33 | ||||
0 | 0.00% | |||||
Q2 FY22 | Q1 FY23 | Q2 FY23 |
Half Year Performance
Q2 & H1 FY23 Earnings Update | Captive IR Strategic Advisors Pvt. Ltd. |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Insecticides (India) Limited published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 08:13:03 UTC.