AR24 notes.
Miscellaneous
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Settlement of SD Agchem (Europe) NV: have to pay 14.83 cr. to their ex- shareholders. Have paid 11.48 cr. in FY24 with 3.35 cr. to be remaining
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“Due to customer” continued at 10.63 cr (same as FY23) has been largely settled now
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Gross margins improved from 36.8% to 38.7%, maintained market share in their products
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Implemented new ERP software (SAP S4 Hana)
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Lalru unit saw more product approvals from customers with new products being added. Expect Lalru utilisation to improve over the next few quarters
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Recent product launches should mature expanding their market share and deepening relationship with their customers. They will introduce more new products for export markets during FY25
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Faced erratic demand from critical markets and price corrections resulting in lower than expected demand. Exports continue to remain impacted due to lower prices, cautious approach by industry towards inventory and adverse weather condition. Channel destocking continues across the globe. The products with aggressive pricing from China and uncertainty around future pricing is compelling companies to delay buying decisions
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CSR : Spent 1.81 cr. (vs 1.33 cr. in FY23)
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# employees : 1215 (vs 1228 in FY23) + 559 (vs 530 in FY23) on contractual basis
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Share price (low): 722.1, (high): 1391.95
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# shareholders : 21’336 (vs 21’029 in FY23)
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Average increase in employee salaries (ex-managerial) was 7.82% (vs 12.46% in FY23) and managerial remuneration decreased by (-)1.63% (vs (-)18.96% decrease in FY23)
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Management remuneration : 6.16 cr. (vs 6.94 cr. in FY23) (1 cr. was commission vs 1.18 cr. in FY23)
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R&D : 4.06 cr. (vs 3.01 cr. in FY23). Out of this, 0.18 cr. (vs 0.77 cr. in FY23) was capitalized
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Did not hedge commodity or foreign exchange in FY23
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Receivables : Provisioned 0.85 cr. (vs 1.03 cr. in FY23). >1 year receivables was 5.87 cr. (vs 5.9 cr. in FY23). Receivables from top customer was 83.74 cr. (vs 51.44 cr. in FY23)
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Customer advances : 0.93 cr. (vs 6.96 cr. in FY23)
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Revenue from top 2 customers was 384.69 cr. (vs 414.44 cr. in FY23) and 127.25 cr. (vs 138.68 cr. in FY23)
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Contingent liabilities : 12.67 cr. (vs 22.86 cr. in FY23). All are tax related
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Auditor remuneration : 42 lakhs (vs 38 lakh in FY23)
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Foreign outgo : 129.27 cr. (vs 139.58 cr. in FY23); translates to 13.84% of sales vs 13.87% in FY23
Revenue breakup:
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Agrochemical division Derabassi: 664 cr. (vs 739 cr. in FY23)
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Specialty chemical division Lalru: 151 cr. (vs 153 cr. in FY23)
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Industrial chemical division Pune: 118 cr. (vs 116 cr. in FY23)
Geographical revenue breakup:
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India: 424.62 cr. (vs 395.42 cr. in FY23). In domestic revenues, sale of services was 34.61 cr. (vs 97.36 cr. in FY23)
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EU (including UK): 344.79 cr. (vs 414.47 cr. in FY23)
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Japan: 48 cr. (vs 54.33 cr. in FY23)
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Israel: 44.03 cr. (vs 40.03 cr. in FY23)
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USA: 3.79 cr. (vs 29.36 cr. in FY23)
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LATAM: 26.1 cr. (vs 27.22 cr. in FY23)
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Others: 21.19 cr. (vs 17.85 cr. in FY23)
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Exports go to 26 countries (vs 29 in FY23)
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Exports: 484 cr. (vs 581 cr. in FY23)
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Europe (37% vs 41% in FY23), India (48% vs 42% in FY23), Japan (5% vs 5% in FY23), Israel (5% vs 4% in FY23), LATAM (3% vs 3% in FY23), Others (2% vs 2% in FY23)
Banking relationships
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Working capital loan of 15.06 cr. from Yes bank (nil in FY23) at 8.85% interest rate
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Term loan from SVC Cooperative bank is at 10.85% (same in FY23) (29.26 cr. vs 36.94 cr. in FY23)
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Working capital loan from SVC Cooperative bank of 39.95 cr. (vs 19.16 cr. in FY23) at 9.9% interest rate (same as FY23)
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Working capital term loan under ECLGS scheme from SVC Co-operative Bank Ltd. for 15 cr. (15 cr. in FY23) at 9.25% interest rate. Loan has a moratorium of 2 years from the date of first disbursement and is thereafter repayable in 48 equal monthly installments
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ICDs were 16.32 cr. (vs 15.85 cr. in FY23) at 12.75-16.50% interest rate
Total income of SD Agchem (Europe) NV was 26.27 cr. (vs 17.52 cr. in FY23) with profit after tax of (-)0.8 cr. vs (0 cr. in FY23)
Other expenses breakup
Disclosure: Invested (bought shares in last-30 days)