Q3 2024 India Pesticides Ltd Earnings Call Transcript
Key Points
- India Pesticides Ltd (BOM:543311) reported a sequential growth of 19% in EBITDA for Q3 FY '24, with an EBITDA margin of 25%.
- The company achieved a net profit of INR 24 crores for Q3 FY '24, marking a sequential growth of 23% and a PAT margin of 16%.
- The company's advanced herbicide technical product received TEQ certification from the European Union, opening new export opportunities.
- India Pesticides Ltd entered into a 3-year contract with a prominent Japanese company to supply an intermediate, enhancing its global footprint.
- The company has a strong balance sheet with cash and cash equivalents of INR 153 crores at the end of Q3 FY '24, and plans to fuel its CapEx with internal accruals.
- Total income for Q3 FY '24 was INR 155 crores, a decline from INR 222 crores in Q3 FY '23, primarily due to a drop in export sales.
- Export revenue faced challenges due to high channel inventory and destocking by MNCs, impacting overall performance.
- Domestic revenue also saw a significant decline, standing at INR 64 crores compared to INR 140 crores in the previous quarter.
- The volume for Q3 FY '24 declined by 30% compared to Q3 FY '23, indicating a substantial drop in sales volume.
- The international market environment remains challenging, with MNC customers hesitant to place large orders due to high inventory levels.
Ladies and gentlemen, good day, and welcome to India Pesticides Limited Q3 FY '24 Conference Call hosted by Dolat Capital. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Nitesh Dhoot from Dolat Capital. Thank you, and over to you, sir.
Thank you, Rea. Good afternoon, everyone. On behalf of Dolat Capital, I would like to thank the management of India Pesticides Limited for giving us the opportunity to host their Q3 and 9-month FY '24 Earnings Conference Call.
From the management team, we have with us today Mr. D.K. Jain, Chief Executive Officer; and Mr. S.P. Gupta, Chief Financial Officer.
Without further ado, I would like to hand over the call to the management for their opening remarks, post which, we'll open the forum for a Q&A session. Thank you, and over to you, sir.
Thank you, Nitesh. Good afternoon,
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