Any current/future new fundraising through debt or equity?

As of H1 FY24, Bodal Chemicals has net debt of about Rs. 800 crores on a consolidated basis. There will be some increase in debt by Rs. 75-80 crores from undrawn limits. There will be repayment of around Rs. 50 crores in the remaining two quarters, leading to a net debt close to Rs. 800-850 crores by year-end. No specific mention was made of new fundraising through equity. Incremental debt is expected mainly for the Benzene derivative project. The Saykha Greenfield Benzene derivatives project is progressing and expected to start by Q3 FY24, implying potential funding need. No explicit announce

Any current/future capex/capital investment/strategic investment?

Bodal Chemicals is progressing with the Saykha Greenfield Benzene derivatives project with a capacity of 63,000 metric tons per annum, expected to start by Q3 FY24. This will help replace imports and capture pharma and agrochemical markets. Post upgradation CAPEX in Chlor-Alkali business has improved production, with scope for further growth and cost reduction. The company plans to restart the Sulphuric acid project once there is decent visibility of demand and stabilization of the new Benzene derivatives site. In 2017-2018, Bodal expanded Dyestuff capacity and acquired subsidiaries (Trion and

Future growth expectations in sales/revenue/volumes?

Dye intermediate volumes have improved significantly (e.g., from 2200 tons in Q2 FY23 to around 5000 tons recently), indicating recovery. Demand for Dyestuff is currently weak due to global headwinds but expected to stabilize, with potential for flattish or high single-digit growth in FY24 and FY25. Chlor-Alkali business expects long-term growth driven by Indian GDP growth and demand from FMCG, textiles, paper, agrochemicals, and specialty chemical sectors. Chlor-Alkali plant utilization is around 80%, with potential 15%-20% volume growth anticipated in 2-3 months, enhancing margins. Entry int

Future growth expectations in earnings/operating earnings/profits/EPS?

Bodal Chemicals expects gradual improvement in demand and earnings from FY25 onwards, provided geopolitical situations stabilize. Targeting EBITDA margins of 14%-15% starting FY25, up from current low single-digit margins. Chlor-Alkali business utilization to increase by 15%-20% within 2-3 months, adding Rs. 20-Rs. 30 crores to EBITDA. Fixed overheads targeted to be reduced by Rs. 22-Rs. 25 crores gradually, enhancing profitability. Eligible incentives including electricity duty waiver (Rs. 12 crore monthly electricity expense with 10%-11% duty waiver) and GST benefits expected to add

Bodal Chemicals LtdQ2 FY24Chemicals & Petrochemicals

Bodal Chemicals Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹190P/E: 37.0Market Cap: ₹2.5K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 4

Margin

Category 1

Fundraise

N/A

Order

N/A

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 4

Dye intermediate volumes have improved significantly (e.g., from 2200 tons in Q2 FY23 to around 5000 tons recently), indicating recovery.
Demand for Dyestuff is currently weak due to global headwinds but expected to stabilize, with potential for flattish or high single-digit growth in FY24 and FY25.
Chlor-Alkali business expects long-term growth driven by Indian GDP growth and demand from FMCG, textiles, paper, agrochemicals, and specialty chemical sectors.
Chlor-Alkali plant utilization is around 80%, with potential 15%-20% volume growth anticipated in 2-3 months, enhancing margins.
Entry into benzene derivatives (PNCB and ONCB) aims at import substitution and pharma/agrochemical market growth.
Fixed overhead reduction and government incentives (electricity duty waiver and GST benefits) expected to improve profitability aiding growth.
Expect gradual recovery in demand impacted by geopolitical stability and improving market conditions in FY25 and beyond.

Margin guidance

Category 1

Bodal Chemicals expects gradual improvement in demand and earnings from FY25 onwards, provided geopolitical situations stabilize.
Targeting EBITDA margins of 14%-15% starting FY25, up from current low single-digit margins.
Chlor-Alkali business utilization to increase by 15%-20% within 2-3 months, adding Rs. 20-Rs. 30 crores to EBITDA.
Fixed overheads targeted to be reduced by Rs. 22-Rs. 25 crores gradually, enhancing profitability.
Eligible incentives including electricity duty waiver (Rs. 12 crore monthly electricity expense with 10%-11% duty waiver) and GST benefits expected to add Rs. 1 crore to Rs. 1.25 crore monthly, plus Rs. 50-75 lakhs monthly from GST reimbursement.
Expansion through new capacity for Benzene derivatives (63,000 MT/annum) aimed at import substitution and growth in pharma and agrochemical markets.
Long-term growth linked to Indian GDP, agrochemicals, pharma, textiles, FMCG, and paper sectors showing growth.

See what Bodal Chemicals Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

As of H1 FY24, Bodal Chemicals has net debt of about Rs. 800 crores on a consolidated basis.
There will be some increase in debt by Rs. 75-80 crores from undrawn limits.
There will be repayment of around Rs. 50 crores in the remaining two quarters, leading to a net debt close to Rs. 800-850 crores by year-end.
No specific mention was made of new fundraising through equity.
Incremental debt is expected mainly for the Benzene derivative project.
The Saykha Greenfield Benzene derivatives project is progressing and expected to start by Q3 FY24, implying potential funding need.
No explicit announcement of fresh fundraising was disclosed during the call.

Order book

The transcript provided does not contain specific details about the current or expected order book or pending orders for Bodal Chemicals Limited as of November 2023. The discussion primarily focuses on: - Operational performance, financial results, and market conditions. - Capacity utilization and production volumes in Dyestuff, Dye intermediates, Basic chemicals, and Chlor-Alkali. - New project updates like the Benzene derivatives plant starting by Q3 FY24. - Market demand scenarios and incentives expected from the government. - Cost-saving measures and overhead reduction plans. No explicit figures or commentary on order book status or pending orders were mentioned in the transcript.

See what Bodal Chemicals Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Bodal Chemicals is progressing with the Saykha Greenfield Benzene derivatives project with a capacity of 63,000 metric tons per annum, expected to start by Q3 FY24. This will help replace imports and capture pharma and agrochemical markets.
Post upgradation CAPEX in Chlor-Alkali business has improved production, with scope for further growth and cost reduction.
The company plans to restart the Sulphuric acid project once there is decent visibility of demand and stabilization of the new Benzene derivatives site.
In 2017-2018, Bodal expanded Dyestuff capacity and acquired subsidiaries (Trion and SPS), though full utilization was delayed due to market uncertainty; now fixed overhead reduction of Rs. 22-25 crores is targeted to improve cost efficiency.

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