FY24Q2
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Agchem: lower realization, high channel inventory across the market. Prices have definitely bottomed out
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Nano Urea and Titanium Dioxide will start contributing in FY25
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TiO2: should achieve 12000 tonnes (75-80% utilization) and 225-250 cr. Margins are under pressure recently
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Nano urea has not seen good adoption from farmers. Expect 17-19% margins
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2,4-D price: $1.9-2; Bifenthrin price: $20; Lambda: $15-16
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Capex
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TiO2: Stabilization will finish in Q3, have spent 275 cr.
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Captive power plant: have spent 100 cr. with 10-12 cr. more to be spent
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Nano urea: Will commission in March 2024. Out of planned 150 cr., will invest 75 cr. by March 2024
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Phase 2 of agchem MPP expansion has been put on hold
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Maintenance capex is 10-15 cr.
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Receivables have increased from 90-100 to 100-110 days
Disclosure: Not invested (no transactions in last-30 days)
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