- Q1 FY’25 consolidated revenue grew 15% year-on-year to INR 172.87 crores
- Volume growth of 27% year-on-year
- Exports contributed 61% of revenue
- EBITDA margins constrained due to underutilization of new Pakhajan facility
- Negative PAT due to depreciation and interest costs from new facility
- Successfully commissioned new Pakhajan facility in April 2024, adding 20,000 MT capacity
- Total capacity now at 32,500 MT
- Opened subsidiary in USA to expand sales network
- Expect >90% capacity utilization at Pakhajan by FY’26
- Targeting 50% utilization at Pakhajan by end of FY’25
- FY’25 revenue target of INR 900+ crores with 19-20% EBITDA margin
- FY’26 revenue target of INR 1,200-1,300 crores
- Expect EBITDA margins to stabilize to previous levels by Q3-Q4 FY’25
- Huge opportunity for further expansion at Pakhajan site
- Current Pakhajan capacity only 10% of future optimal capacity
- Addressable market of INR 5,500 crores for new Pakhajan products
- Seeing delays in exports due to container availability issues
- Expect export situation to stabilize by Q3-Q4
- Working with both new and existing customers for Pakhajan ramp-up
- Long-term supply agreements expected with customers after trials
- Debt/EBITDA expected to be close to 3x by end of FY’25
- No plans for equity dilution through QIP
- Focus on restricting debt/EBITDA to 2-2.5x range going forward
- New capacity commissioned but ramp-up impacting near-term profitability
- Strong volume growth despite pricing pressures
- Confident of achieving targeted utilization and margins once fully ramped up
- Significant growth opportunity in addressable markets for new products
- Focus on debt management while pursuing growth plans
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