Advanced Enzymes -
Q4 and FY 24 concall and results updates -
FY 24 outcomes -
Revenues - 623 vs 540 cr, up 15 pc
EBITDA - 204 vs 156 cr, up 31 pc ( margins @ 33 vs 29 pc )
PAT - 137 vs 103 cr, up 32 pc
Q4 outcomes -
Revenues - 157 vs 138 cr, up 14 pc
EBITDA - 55 vs 44 cr, up 26 pc ( margins @ 35 vs 32 pc )
PAT - 29 vs 32 cr ( due exceptional charge of 15 cr in Q4 FY 24 )
Category Wise sales break up for FY 24 -
Human nutrition - 67 pc of sales , grew by 18 pc
Animal nutrition - 11 pc of sales, degrew by 5 pc
Industrial bioprocessing - 16 pc of sales, grew by 21 pc
Specialised manufacturing - 6 pc of sales, grew by 19 pc
Geography wise sales break up for FY 24 -
India - 50 pc of sales, grew by 21 pc
Americas - 34 pc of sales, grew by 34 pc
Europe - 6 pc of sales, grew by 12 pc
Asia - 7 pc of sales, de-grew by 3 pc
RoW - 3 pc of sales, grew by 78 pc
Have received fresh US FDA approvals for 02 of their enzymes to be launched in US
Top 10 customer contributed to 26 pc of topline vs 24 pc in FY 23
R&D expenses @ 4.6 pc of topline
RM prices have been stable in FY 24, expect the same to continue
Human nutrition business has the highest gross margins
Expect topline to grow in double digits ( in 13 - 16 pc band ) in FY 25 along with Gross and EBITDA margin expansions
Industrial BioProcessing is a key focus area. This segment has a long growth runway ahead
Expect growth in US to be in double digits in FY 25 as well
Company’s US business currently has EBITDA margins of 37 pc vs 29 pc for India business
Disc: holding, biased, not SEBI registered
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