Capitaline

Analyst Meet / AGM 01-Jun-21

Conference Call

Advanced Enzymes Technologies

R&D expense was 3.55% of net sales in FY21

Advanced Enzymes Technologies held a conference call on 31^st May 2021 to discuss the results for the quarter and year ended Mar'21 and way forward. Mr. Mukund Kabra- Whole time Director and Mr. Beni Prasad Rauka- Group CFO of the company addressed the call.
Highlights of the Concall

Q3FY21 sales were up 21% YoY at Rs 133.2 crore led by 18% YoY growth in Human Healthcare sales to Rs 92.5 crore, 4% increase in Bio processing division sales to Rs 19.7 crore while Animal Healthcare revenues were up 4% to Rs 13.1 crore

FY21 sales were up 13% YoY at Rs 501.8 crore led by 18% YoY growth in Human Healthcare sales to Rs 378.6 crore while Bio processing division revenue fell 1% to Rs 67.8 crore and Animal Healthcare revenues were down 11% to Rs 47.5 crore

Animal Nutrition revenue declined from Rs 53.6 crore in FY20 to Rs 47.5 crore in FY20 mainly in the domestic market (Rs 30 crore vs. Rs 37 crore in FY20).

Human Healthcare formed 77% of total sales in FY21 (73% in FY20) while Animal Healthcare formed 9% (12%) and Bio processing division 14% (15%)

Gross margin contraction was on account of a substantial hike in input prices (commodities such as soy flour and corn), while opex and other expenses have marginally increased due to the consolidation of SciTech Specialties. The company shall pass on the increased costs to customers if the hike in raw material costs turns out to be permanent rather than transient.

Research & Development expenses in FY21 on consolidated basis were Rs 17.8 crore which was 3.55% of net sales in comparison to Rs14.4 crore in FY20 which was 3.25% of net sales.

The company has acquired a majority stake in SciTech Specialties Pvt. Ltd. a company specialized in effervescent based products for a consideration of Rs 31.6 crore and the acquisition process has completed on 11th Jan 2021.

The company continues to see strong traction in Human healthcare, mainly under biocatalysts and probiotics. On the other hand, animal nutrition and industrial processing shall remain under pressure due to Covid-19 uncertainty. B2C sales in US touched USD5.27 million in FY21.

EVOXX revenue for FY21 stood at Rs 28.2 crore against Rs 26.4 crore in FY20, while EBITDA stood at Rs 6.2 crore against Rs 5.8 crore last year.

JC Biotech sales came in at Rs 50.4 crore in FY21 against Rs 47.4 crore last year. EBITDA stood at Rs14.9 crore against Rs 11.9 crore in FY20.

Top product contributed Rs 134 crore in FY21 against Rs 103.5 crore in FY20

The company has maintained its target of doubling its revenue in the next 4-5 years driven by greater adoption of probiotics and biocatalysts, deeper penetration of enzymes in the baking industry and recovery in Animal HC going ahead, along with incremental opportunities

The company was unable to give guidance for FY22 due to current covid situation.

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