BHAGERIA INDUSTRIES
Q2 FY 19 RESULTS &
INVESTOR PRESENTATION OCT 2018
MANAGEMENT
:
1.
SURESH BHAGERIA, CHAIRMAN
2.
VINOD BHAGERIA MD
3.
VIKAS BHAGERIA JT MD
4.
CHANDRAPRABHA BHAGERIA EXEC. DR
GOT CHEMEXIL FIRST AWARD
FOR SMALL SCALE SECTOR 2015-16
PRODUCTS :-
Dye Intermediates
:- H-Acid; Vinyl Sulphone; Gamma Acid
Q2 FY 19 RESULTS
Rs.Cr Q2FY19 Q2FY18 % Ch
Net Sales 121.6 89.8 35.4%
Total Expenses 79.4 66.9 18.6%
EBITDA 42.2 22.9 84.8%
EBITDA margin 34.7% 25.5% --
PBT 40.6 16.5 146.9%
PAT 28.2 10.7 164.9%
PAT Margin 23.2% 11.9% --
EPS :5 QTRS : 12.91 8.17
4.87 9.18 5.77
MP :314
P/E : 6.08
VOLUME : 69000
52 W L H : 211 : 365
FV : RS.5
LAST YEAR THIS TIME MP : 303
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Q1 RESULTS HIGH LIGHTS
NET SALES :+40%YOY
+9% QOQ
NET PROFITS : +332% YOY
+68%
QOQ
ANNUAL
HIGH LIGHTS
Rs.Cr FY 16 FY 17 FY 18
NET SALES 239 374 373
EBITDA 26.5 62.4 79.8
PAT 15.4 43.54 40.3
EXPORTS :
Exports Contributing to 44% of Revenues
· Europe
2%
· US
2%
· Asia
Pacific 96%
· Exports
44%
· Domestic
56%
For
H1FY19
· Increasing
geographical diversification
· Adding
newer geographies: started exporting to the US market
· New
client additions : added KISKO Group and Kimsoy Boya
·
Net Long Term Debt Free
· Repaid
over Rs 103 crore debt since Mar’17
·
Total Revenue from solar business (Q2FY19)
· Rs 6cr
PLF (30MW) – 24*
·
Solar project fully commissioned in Maharashtra
25 year PPA with Solar Energy Corporation of India
(SECI)
Capacity-30MW
Tariff–Rs4.41/unit
Total project capex–Rs.180 cr
Existing project
Solar rooftop solution -25 year PPA with Asahi India Glass Ltd, TRIL Ltd, Lucas Ltd
& Kajaria Ceramics Ltd.
Capacity –4 MW
Tariff –Rs 6.61/unit
PLANTS :
2
Manufacturing plants
10+
Ship-to-countries
373
Revenue in Rs Cr (FY18)
21%
EBITDA Margin(FY18)
500+Employees
33%
Return on Capital Employed (FY18
chemical biz)
EPS Rs
18.5 per share(FY18) (FV Rs.5)
Dividend
Rs 5.5 per share (110 % for FY18)
Manufacturing Facilities
Vapi,
Gujarat
-Vinyl
Sulphone
Boisar,
Maharshtra
-H-Acid/Gamma
Acid
O VAPI : Located in chemical belt of Gujarat
O Best pollution control facilities
O BOISAR : Spread over 25 acres; land available for expansion
O Captive solar power plant
All facilities are moving towards zero discharge by end of this fiscal
Market
share of total global capacity
· GAMMA
ACID : 30%
· H-ACID
13%
· VINYL
SULPHONE – 5%
Amongst the leading 3 manufacturers of H-Acid and Gamma
Acid
Total Capacity of Dye Intermediates ~9,500 TPA
HOW ? MARGIN LEADERSHIP IN THE INDUSTRY:-
· Cost
optimization through various initiatives
· 95%+
Capacity utilization
· CONSISTENTLY
STRONG EBITDA MARGINS
• HOW ? Sourcing of raw materials
Bulk
purchases which saves cost
Proximity
to sources of raw material
• Strategically located close to major ports, saves
on logistics cost
• Optimum and efficient use of by-products and
effluent generated in the manufacturing process
·
H1 EBITDA MARGIN IS 32.7 ( FY 18 : 20.7)
·
No. of long term partnerships –domestic and
global both
• Backward Integration
into manufacturing of Sulphuric Acid at Tarapur, Boisar.
Consent received from Maharashtra Pollution Control Board (MPCB)
Sulphuric acid & derivatives (Capacity of 150 TPD)
25% oleum (Capacity of 10 TPD)
65% oleum (Capacity of 30 TPD)
Chloro Sulphuric Acid (Capacity of 30 TPD)
Brownfield capex of Rs.100 crs to be financed by internal accruals in next 3
years
• 3.4 acres of land
acquired at GIDC, Vapi, Gujarat
MOU signed for proposed expansion in the chemical business (other chemicals)
NOTE : Readers can listen to the YouTube Video on this in my channel VIJAYAMOHAN STOCK MARKET STRATEGIST
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