Hi @ankit_george @shanid any idea about the AGM. Any video link? Or do u have any summary of the AGM. If so please share it.

Thanks in advance.

List of the capexes

• FY18: Doing 70 cr. capex for a new surfactant plant in Naidupet (30’000 MTPA capacity; delayed and commercialized in FY21)
• FY21: Greenfield capex of 67 cr. (revised cost: 76 cr.) for premium grade pigments at Naidupet (1’500 MTPA capacity; commercialized in FY22)
• FY22:
  • Capex of 21 cr. for specialty chemicals i.e. ingredients for food, cosmetics, personal care (capacity: 1’800 MT) (commercialized in FY23)
  • Capex of 24.4 cr. for mixed metal oxides in Naidupet (expected commercialization in FY23)
  • Capex for 61.5 cr. for additional pigment capacity in Naidupet (1’500 MTPA)
• FY23
  • Capex of 80 cr. in another new Pigments Projects at Naidupeta (capacity: 2250 MT). Expect some portion of the capacity to come online in FY24
  • Another project for complex inorganic pigments. Partially completed, balance in FY24. Total cost: 37 cr.
• FY24
  • Capex of 80 cr. in pigments (capacity: 1,500 MT) at Naidupeta. Expect commercialization over 18 months, with part of capacity to be commissioned in FY25

AR24 notes

Business related

• Exports dropped by (-21%) (131 cr. vs 165 cr. in FY23)

• Export volumes dropped by (-21%). Domestic demand compensated for drop in exports

• Witnessed pricing pressure across segments due to declining input costs resulting in lower realization. Margins were lower due to high-cost inventory

• Capacity utilization of Sulphonation plant at Naidupeta improved from H2FY24 and is expected to stabilize in FY25

• Power & fuel costs : 31.88 cr. (vs 36.17 cr. in FY23)

• Revenue breakup

  

• Other expenses: 68.8 cr. (vs 72.13 cr. in FY23)

Pigment Division:

• Revenue 135 cr. (vs 158 cr. in FY23), -14% and volumes -2%
• Domestic industrial market witnessed robust growth while exports fell
• Expanding customer base in international markets by tapping new areas
• Ultramarine Specialty Chemicals Ltd. achieved a capacity utilization of 82% (revenue of 38 cr. vs 16 cr. in FY23)

Surfactants Division:

• Revenue 343 cr. (vs 333 cr. in FY23)
• Lower realizations. They added more specialty chemicals through in-house development efforts, which will help improve the bottom line

Wind Power Generation

• Own and operate 6 wind turbine generators at 3 locations in Tamil Nadu, capacity of 4.3 MW
• All the units generated are consumed at Ranipet and Ambattur Plants
• Generated 61 lakh units (vs 61.84 lakh units in FY23)
• Captive consumption 61 lakh units (vs 49.36 lakh units in FY23). Green energy contributed 55% of consumption in chemical division

ITeS Division:

• Revenue: 46 cr. (vs 50 cr. in FY23). PAT: 12 cr. (vs 15 cr. in FY23) (exports of 42.08 cr.)
• Scheduled end of certain projects in healthcare caused an overall dip in revenue

Capex

• Subsidiary commissioned a facility to manufacture Inorganic Pigments
• Adding capacity of 1,500 MT in Pigments in the subsidiary at Naidupeta with a capex of 80 cr . Expect commercialization over 18 months, with part of capacity to be commissioned in FY25
• PPE addition is in freehold land (Industrial Park, Naidupet) + buildings and plant & machinery

Subsidiaries

• Ultramarine Fine Chemicals Limited is yet to commence operations

R&D

• One product was commercialized
• Capital: 2.99 cr. (vs 0.3 cr. in FY23). Recurring: 2.17 cr. (vs 1.99 cr. in FY23)
• Total : 5.16 cr. (vs 2.3 cr. in FY23)

Miscellaneous

• Permanent employees : 472 (median remuneration increased by 9%)
• Auditor remuneration : 27.65 lakhs (vs 28.8 lakhs in FY23)
• Shareholders : 22’168 (vs 23’036 in FY23)
• Share price : 306.3 (low), 463.3 (high)
• Investment in Thirumalai : 478.47 cr. (vs 351.36 cr. in FY23) affected by MTM
• Receivables : doubtful of 3.11 cr. (same as FY23). Fully provisioned
• Most bank loans are at 6-9.25%

Disclosure: Invested (no transactions in last-30 days)

Can anyone tell me what is the current capacity in the subsidiary?
Initial 1500 MT was commissioned in FY22. The FY23 Annual report says an additional 2250MT capacity will be added at a cost of 80crs. FY24 annual report says an additional capacity of 1500MT will be added at a cost of 80crs. Have they revised the project downwards or is another new capacity being added?

Premier Explosives Q1FY25 Concall Summary

Business Updates

• Going forward will receive regular orders from the Ministry of Defense of similar quantity as received in last quarter
• Current order book stands at Rs 900 crore translating to 3x of last year revenues
• The company has received clearance from Odisha government to setup a facility with a total investment of Rs 864 crores over next 10 years in three phases
• The company has entered into manufacturing of mines and ammunition which is now to be manufactured in the domestic sector instead of being imported
• The improved cash flows will be utilized to strengthen the balance sheet

Participants

White Pine Investment Management

Arihant Capital Markets

Mount Intra Finance Pvt.

ICICI Sec

Systematix Group

RN Associates

Fairvalue Capital

QnA

• The delivery of shafts got delayed due to the Red Sea crisis which led to delivery in raw material coming to the company and delivery should happen by September
• The execution has been good in the last three months and there was no significant order inflow in last three months leading to run down of unexecuted order book
• The annualized EBITDA margins should stay in the range of 18%
• For Brahmos Missile government is going to look at export and the company has also supplied material to Bharat Dynamics for Aakash missile which too is being looked at export market
• The company has absorbed DRDO technology for mines and ammunition grenades and this will reflect post one year into the revenues of the company
• The asset turnover from the Odisha facility should be 3-4 times
• In the coming five years the annualized revenue run rate should be Rs 1000 crores
• The Odisha facility should add revenues of close to Rs 500-600 crores over the next 4-5 years
• The SSLV program needs a lot of capital investments and the returns on these investments also need to be looked at. Though the company is qualified it will be looked at in the future
• There is no consistency in the business, as revenues cannot be predicted on a quarterly basis. As per RFP the company participates and on winning the orders the company gets revenue
• Untill last year the company was coming under MAT which will no longer be the case as all the carry forward losses have finished and taxes will range at 23% going forward
• The export revenues contribute around 25% of the total revenues and going forward this run rate and atleast around 20% of revenues should be maintained from exports. There is no dilution of margins in the export business. It is similar to domestic business

NSE next court hearing is August 14.

• Ongoing Legal Challenges:
  • Despite ongoing legal challenges, including a Rs 625 crore disgorgement and Rs 100 crore penalty, NSE shares reached Rs 6,000 in the unlisted market, valuing the exchange at Rs 3.2 trillion.

Anyone bought NSE recently what’s the in-depth view on it which broker is good to buy?