Despite reporting a rise in net profit by 71.3 percent QoQ and 2.2 percent YoY, the share price of a leading manufacturer of Dyes, Dye Intermediates and Fertilisers, moved down by 4.1 percent on BSE to Rs. 187.4 in the trading session of Friday.
With a market capitalisation of Rs. 605.6 crore, Shree Pushkar Chemicals and Fertilisers Limited have delivered 8.4 percent of positive returns in one year, while it has given negative returns of 3.6 percent in the last six months.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Thursday post-market hours.
The consolidated revenue from operations increased by 5.8 percent YoY from Rs. 180.3 crore in Q4 FY22-23 to Rs. 190.8 crore in Q4 FY23-24, as well as by 9.2 percent QoQ from Rs. 174.6 crore in Q3 FY23-24 to Rs. 190.8 crore in Q4 FY23-24.
The net profit of Shree Pushkar Chemicals stood at Rs. 13.1 crore in Q4 FY23-24, rising by 2.2 percent YoY from Rs. 12.8 crore in Q4 FY22-23, and by 71.3 percent QoQ from Rs. 7.6 crore in Q3 FY23-24.
In Q4 FY23-24, Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA, increased by 34.3 percent on a quarter-on-quarter basis to Rs. 18.7 crores from Rs. 14 crore in Q3 FY23-24. However, on a year-on-year basis, from Rs. 20.4 crore in Q4 FY22-23 to Rs. 18.7 crores in Q4 FY23-24, the company recorded an 8.2 percent decline.
For FY23-24, the Return on Capital Employed (ROCE) is 9.7 percent and the Return on Equity (ROE) is 4.1 percent.
The company witnessed a mixed performance in terms of volume and revenue across product segments. Fertilisers and animal feed experienced marginal declines in volume, whereas dyes intermediaries and acids recorded notable growth of 82 percent and 19 percent, respectively.
Revenue fluctuations across segments were apparent, with Dyes Intermediaries showing significant growth of 64 percent and Acid experiencing a decline of 26 percent.
Shree Pushkar Chemicals & Fertilisers successfully completed a capex of Rs. 174 crore on a consolidated basis funded through internal accruals.
The company allocated a capex budget of Rs. 215 crore to enhance the capacity of the Chemical business (excluding acid complex) by way of backward and forward integration and the Fertilisers business (consolidated capacity) by way of manufacturing complementing products.
Additional Capex for 3.8 MW DC Solar Power for captive consumption under the ‘Open Access Scheme’ of Maharashtra State Electricity Distribution Limited.
Founded in 1933, Shree Pushkar Chemicals and Fertilisers Limited (SPCFL) is an integrated Dye manufacturing solution company with a diversified product portfolio of dyestuffs, dye intermediates, acids, Fertilisers and animal feed additives.
Headquartered in Mumbai, SPCFL is a Zero-Waste Chemical company and an established market leader in Dyes & Dyes Intermediates.
Written by Shivani Singh
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