Capitaline

Analyst Meet / AGM 25-Sep-14

AGM

Astec Life sciences

Margins will continue to be healthy around 18%

The company held its AGM on 23^rd Sep'14 and was addressed by Ashok V Hiremath Chairman & Managing Director
Key highlights

Company's CRAMS business is progressing well and one more contract will be commercialized in FY'15. Currently CRAMS form about 20-25% of total sales of the company.
CRAMS contracts are for a period of 5 years with option of further renewal of 5 more years. Every year, the contractors are demanding more only and the company has requisite facility to meet their demand. One is an herbicide contract while other one is a fungicide one.
Steady rupee is helping the company as although company has exports and imports in forex, but due to seasonality of exports, a natural hedge does not necessary work for the company. Q4 generally and Q3 are the best quarters in exports for the company.
For FY'15, exports will grow by more than 20%. Exports constitute around 35-40% of total sales.
Company is gradually progressing in its Retail business and it formed about Rs 8 crore of turnovers in FY'14. The company would require more than Rs 80-100 crore to expand the retail business in a big way which currently does not intend to go for. Retails do have better margins once you establish your brand.
Management is optimistic about further improvement of its performance in FY'15 over FY'14. As per the management, there will be a steady and consistent growth on QoQ basis in the quarters in FY'15.
OPM is also expected to remain steady at around 18% level.
Company continues to operate under MAT.

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