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Results
15-May-24
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Analysis
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Archean Chemical Industries
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Subdued performance
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Consolidated
net sales (including other operating income) of Archean Chemical Industries has
declined 25.75% to Rs 283.91 crore.
Operating profit margin has declined from 50.84% to 30.69%, leading to
55.19% decline in operating profit to Rs 87.12 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 3.17% to 4.01%. Employee cost decreased from 5.79% to
4.83%. Other expenses rose from 44.84%
to 62.51%.
Other
income rose 43.58% to Rs 11.96 crore.
PBIDT fell 51.13% to Rs 99.08 crore.
Provision for interest fell 50.29% to Rs 1.7 crore. Loan funds rose to Rs 97.82 crore as of 31
March 2024 from Rs 69.39 crore as of 31 March 2023. Inventories declined from Rs 167.76 crore as
of 31 March 2023 to Rs 127.29 crore as of 31 March 2024. Sundry debtors were higher at Rs 156.38 crore
as of 31 March 2024 compared to Rs 117.74 crore as of 31 March 2023. Cash and bank balance rose to Rs 45.48 crore
as of 31 March 2024 from Rs 32.67 crore as of 31 March 2023. Investments rose to Rs 349.87 crore as of 31
March 2024 from Rs 210.08 crore as of 31 March 2023 .
PBDT
fell 51.14% to Rs 97.38 crore. Provision
for depreciation rose 2.14% to Rs 17.67 crore.
Fixed assets increased to Rs 1,205.78 crore as of 31 March 2024 from Rs
1,146.09 crore as of 31 March 2023.
Intangible assets increased from Rs 0.17 crore to Rs 2.12 crore.
Profit
before tax down 56.21% to Rs 79.71 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 22.13
crore, compared to Rs 45.51 crore.
Effective tax rate was 27.76% compared to 25.00%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 57.81% to Rs
57.59 crore. Equity capital increased
from Rs 24.61 crore as of 31 March 2023 to Rs 24.68 crore as of 31 March
2024. Per share face Value remained same
at Rs 2.00.
Promoters’
stake was 53.45% as of 31 March 2024 ,compared to 53.60% as of 31 March 2023
. Promoters pledged stake was 4.55% as
of 31 March 2024
Full year results
analysis
Net
sales (including other operating income) of Archean Chemical Industries has
declined 7.70% to Rs 1330.09 crore.
Operating profit margin has declined from 44% to 34.78%, leading to
27.03% decline in operating profit to Rs 462.66 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 3.07% to 3.69%. Employee cost increased from 4.84% to
5.61%. Other expenses rose from 49.20%
to 54.83%.
Other
income rose 0.12% to Rs 43.32 crore.
PBIDT fell 25.29% to Rs 505.98 crore.
Provision for interest fell 91.27% to Rs 8.46 crore. Loan funds rose to Rs 97.82 crore as of 31
March 2024 from Rs 69.39 crore as of 31 March 2023. Inventories declined from Rs 167.76 crore as
of 31 March 2023 to Rs 127.29 crore as of 31 March 2024. Sundry debtors were higher at Rs 156.38 crore
as of 31 March 2024 compared to Rs 117.74 crore as of 31 March 2023. Cash and bank balance rose to Rs 45.48 crore
as of 31 March 2024 from Rs 32.67 crore as of 31 March 2023. Investments rose to Rs 349.87 crore as of 31
March 2024 from Rs 210.08 crore as of 31 March 2023 .
PBDT
fell 14.27% to Rs 497.52 crore.
Provision for depreciation rose 2.49% to Rs 70.34 crore. Fixed assets increased to Rs 1,205.78 crore
as of 31 March 2024 from Rs 1,146.09 crore as of 31 March 2023. Intangible assets increased from Rs 0.17
crore to Rs 2.12 crore.
Profit
before tax down 16.51% to Rs 427.18 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 108.21
crore, compared to Rs 129.12 crore.
Effective tax rate was 25.33% compared to 25.23%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 16.62% to Rs
318.98 crore.
Equity
capital increased from Rs 24.61 crore as of 31 March 2023 to Rs 24.68 crore as
of 31 March 2024. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 53.45% as of 31 March 2024 compared to 53.60% as of 31 March 2023
. Promoters pledged stake was 4.55% as
of 31 March 2024
Cash
flow from operating activities decreased to Rs 379.35 crore for year ended
March 2024 from Rs 496.09 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 130.98 crore, compared to Rs 99.86
crore during the year ended March 2023.
The
scrip trades at Rs 644
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Archean Chemical Industries : Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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283.91
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382.37
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-26
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1,330.09
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1,441.07
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-8
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OPM (%)
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30.7
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50.8
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34.8
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44.0
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OP
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87.12
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194.41
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-55
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462.66
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634
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-27
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Other Inc.
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11.96
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8.33
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44
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43.32
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43.27
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0
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PBIDT
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99.08
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202.74
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-51
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505.98
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677.27
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-25
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Interest
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1.7
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3.42
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-50
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8.46
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96.96
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-91
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PBDT
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97.38
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199.32
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-51
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497.52
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580.31
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-14
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Depreciation
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17.67
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17.3
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2
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70.34
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68.63
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2
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PBT
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79.71
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182.02
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-56
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427.18
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511.68
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-17
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Share of Profit/(Loss) from Associates
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0
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0
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0
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0
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PBT before EO
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79.71
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182.02
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-56
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427.18
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511.68
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-17
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EO Income
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0
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0
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0
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0
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PBT after EO
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79.71
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182.02
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-56
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427.18
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511.68
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-17
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Taxation
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22.13
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45.51
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-51
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108.21
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129.12
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-16
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PAT
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57.58
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136.51
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-58
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318.97
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382.56
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-17
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Minority Interest (MI)
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0
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0
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0
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0
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Net profit
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57.58
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136.51
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-58
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318.97
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382.56
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-17
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EPS (Rs)*
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#
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#
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25.9
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31.0
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Notes
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* EPS is on current equity of Rs 24.61 crore, Face value of Rs
2, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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