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Speciality Chemicals company Vishnu Chemicals announced consolidated Q4FY24 & FY24 results:
- The 7% Preference Shareholders, who are also promoters of the company, have waived off 100% of preference dividend for FY24. Preference dividend waived off for the quarter is Rs 1.3 crore and for twelve months ending March 31, 2024 is Rs 5.3 crore
- Vishnu’s board has proposed a final dividend of Rs 0.3 per equity share (15% of face value) for FY24.
- Agile mix of domestic and export sales in the ratio of 53:47
- EBITDA Margin expanded by 766 basis points in Q4FY24 at 21.2% compared to 13.5% in Q3FY24.
- Margin expansion was driven by disciplined investments across both value addition and backward integration initiatives
- Performance was steered by strong improvement in the Barium Chemicals.
- Record volumes produced and sold with margin expansion, all while aiding our international clients recover from challenging macro environments.
- Prudent spending kept operational expenses flat YoY.
- Balance sheet and liquidity position:
- Reduction in consolidated long term borrowings by Rs 90.9 crore in FY24.
- Debt to Equity at 0.45
- Cash, Cash Equivalents & Bank Balances at Rs 60.4 crore.
- The Red Sea crisis has increased transit times by 2-4 weeks. As a result, the company is maintaining higher inventories of raw materials to ensure continuous supply of feedstock, as well as higher inventories of finished goods to enable quick dispatches.
- External credit rating upgraded from CARE BBB to CARE A
Ch. Krishna Murthy, CMD, Vishnu Chemicals Limited said, “Vishnu Chemicals is pleased to end the financial year 2023-24 on a high note. The macroeconomic headwinds faced by the speciality chemicals industry and our customers proved this year to be a significant test for us. Our answer to this was our resilience, where we never compromised on our principles and prioritised customer success with the focus on margin expansion. Going in FY25, we continue to work tirelessly to achieve growth and continuous improvement.”
Ch. Siddartha, JMD, Vishnu Chemicals said, “Our performance was driven by our core belief of being persistent in any circumstance, taking measured risks and keeping the communication simple. Vishnu has entered FY25 with the same core belief of doing business with efficiency, nurturing complex chemistry, seizing opportunities and never compromise on our efforts.”
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