Analyst Meet / AGM     13-Feb-18
Conference Call
Sudarshan Chemical
Capex of Rs 20-25 crore in Q4FY18
Sudarshan Chemical held conference call to discuss the performance for the quarter ended December 2017. Mr. Rajesh B. Rathi, Deputy Managing Director of the company addressed the concall.

Highlights of the Concall

  • Net sales grew 27% in Q2FY18 to Rs 345.8 crore compared to Q3FY17 while PBDIT was up 41% to Rs 50.4 crore and PAT increased 82% to Rs 29.8 crore.
  • PBDIT margin for the quarter increased to 14.6% in Q3FY18 compared to 11.9% in Q3FY17
  • Debt Equity ratio fell to 0.8 in Q3FY18 compared to 0.9 in Q3FY17
  • Pigment sale increased by Rs 65.4 crore to Rs 316.7 crore in Q3FY18 compared to Rs 251.3 crore in Q3FY17 led by % increase in volume (Rs 62.9 crore) and 1.5% increase in price (Rs 3.6 crore) lowered by forex rate (Rs 1.1 crore)
  • Around 46% of pigment revenue was from exports in 9MFY18 (47% in 9MFY17)
  • The company saw demand improvement across all geographies
  • Specific raw material prices increased in organic chemistry due to China environmental norms tightening leading to vendor plant shut downs
  • The company passed on raw material price increase to customer price increases but with a lag.
  • The company expects raw material prices to remain high in near term
  • Business initiatives in focused export markets are ongoing which is likely to result in more product approvals and an increase in customer base.
  • The company has done capex of Rs 70 crore in 9MFY18 and it further expects capex of Rs 20-25 crore in Q4FY18 to be spent towards green energy assets like solar and wind power in Q4FY18.
  • The company is also planning to apply for a mega project status for expansion at its Mahad site. Although the capex is expected to be significantly lower compared to its Roha site, the status will lead to exemption from payment of stamp duty, exemption from payment of electricity charges.
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