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

Expect significant ramp-up in revenues and profitability over next 4-5 quarters, driven by new fluoropolymer products and expanded PTFE capacity (Page 11). Value-added PTFE to increase to about 55% of production, granular PTFE at 45%, with improved pricing in US and Europe markets due to reduced competition with Chinese products (Page 16). Fluoropolymer product sales projected to ramp up to 800-900 tons per month by March 2020 from about 100 tons currently (Page 14). Incremental revenue potential: Rs. 600 crores from Fluoropolymers and Rs. 300-400 crores from FluoroSpecialty chemicals, e

Any current/future new fundraising through debt or equity?

No explicit mention of current or planned fundraising through debt or equity in the transcript. Discussed preferential issue in Inox Leisure; the loan to Inox Leisure (~Rs 160 crores) is expected to be converted into equity. For Inox Renewable loan (~Rs 200 crores), expected repayment within next 6 months. CAPEX guidance: - Rs 150 crores spent in H1 FY19 for Chemical business projects. - Remaining Rs 50-75 crores planned to complete current projects. - FY20 CAPEX blueprint ready but final plan to be shared next quarter. Demerger plan to list Chemical business separately may enable invest

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

Completed capex in Chemical business with a focus on ramping up new revenue streams such as fluoropolymers, specialty chemicals, and PTFE capacity expansion. Currently manufacturing only about 100 tonnes/month of new fluoropolymers, targeting 800-900 tonnes/month by March 2020. Total capex spent in H1 FY19 was around Rs.150 crores; remaining capex for current projects estimated at Rs.50-75 crores. Blueprint for FY20 capex is ready but not finalized; more clarity expected next quarter. Planned future expansion of PTFE capacity beyond 21,000 tonnes possible at a new Dahej site, 7-8 km from exist

Future growth expectations in sales/revenue/volumes?

PTFE sales volumes expected to grow from ~1,300 tons/month in 2018 to ~1,750 tons/month by 2020, achieving full expanded capacity. Value-added PTFE share projected to increase to about 55%, with granular PTFE at 45%. Fluoropolymers production anticipated to ramp up from ~100 tons/month to 800-900 tons/month by March 2020. New fluoropolymers and specialty FluoroSpecialty chemicals expected to reach ~50% capacity utilization in the first year, with gradual ramp-up over five quarters. Incremental revenues: Rs. 600 crores from Fluoropolymers and Rs. 300-400 crores from FluoroSpecialty chem

Current/ Expected Orderbook/ Pending Orders?

The company mentioned a range of 40 to 50 megawatts capacity addition in wind farming with a capital expenditure of around Rs. 250 to 300 crores (Page 11). Wind Turbine manufacturing business has started seeing a turnaround with orders from SECI - 1 tenders, commissioning about 16 megawatts and clocking sales of 90 megawatts (Page 3). The company expects to ramp up capacity utilization in value-added fluoropolymers from current 100 tonnes per month to 800-900 tonnes per month by March 2020 (Pages 13, 15, 16). New fluoropolymer products and PTFE capacity expansions are expected to be fully util

GFL LtdQ2 FY19Finance

GFL Ltd Q2 FY19 Earnings Call Analysis

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

Price: ₹55.2P/E: 10.4Market Cap: ₹629 CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

PTFE sales volumes expected to grow from ~1,300 tons/month in 2018 to ~1,750 tons/month by 2020, achieving full expanded capacity.
Value-added PTFE share projected to increase to about 55%, with granular PTFE at 45%.
Fluoropolymers production anticipated to ramp up from ~100 tons/month to 800-900 tons/month by March 2020.
New fluoropolymers and specialty FluoroSpecialty chemicals expected to reach ~50% capacity utilization in the first year, with gradual ramp-up over five quarters.
Incremental revenues: Rs. 600 crores from Fluoropolymers and Rs. 300-400 crores from FluoroSpecialty chemicals by March 2020.
Continued pricing improvement in granular PTFE, especially in US and European markets due to reduced competition with Chinese products.
Overall chemicals business volumes and revenues expected to increase significantly driven by these product expansions and capacity utilization improvements.

Margin guidance

Category 3

Expect significant ramp-up in revenues and profitability over next 4-5 quarters, driven by new fluoropolymer products and expanded PTFE capacity (Page 11).
Value-added PTFE to increase to about 55% of production, granular PTFE at 45%, with improved pricing in US and Europe markets due to reduced competition with Chinese products (Page 16).
Fluoropolymer product sales projected to ramp up to 800-900 tons per month by March 2020 from about 100 tons currently (Page 14).
Incremental revenue potential: Rs. 600 crores from Fluoropolymers and Rs. 300-400 crores from FluoroSpecialty chemicals, expected by March 2020 (Page 7).
Margins currently at ~29% in chemical segment; sustainable and likely to increase with higher contribution from value-added products (Page 8).
Full utilization of expanded 21,000 tons PTFE capacity expected by calendar year 2020, with steady volume growth (Pages 6, 7, 16).
PAT growth expected to continue supported by capacity ramp-ups and product mix improvement (Multiple pages).

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

Fundraise plans

No explicit mention of current or planned fundraising through debt or equity in the transcript.
Discussed preferential issue in Inox Leisure; the loan to Inox Leisure (~Rs 160 crores) is expected to be converted into equity.
For Inox Renewable loan (~Rs 200 crores), expected repayment within next 6 months.
CAPEX guidance:
- Rs 150 crores spent in H1 FY19 for Chemical business projects.
- Remaining Rs 50-75 crores planned to complete current projects.
- FY20 CAPEX blueprint ready but final plan to be shared next quarter.
Demerger plan to list Chemical business separately may enable investor flexibility but no direct fundraising linked to this mentioned.

Order book

Yes

The company mentioned a range of 40 to 50 megawatts capacity addition in wind farming with a capital expenditure of around Rs. 250 to 300 crores (Page 11).
Wind Turbine manufacturing business has started seeing a turnaround with orders from SECI - 1 tenders, commissioning about 16 megawatts and clocking sales of 90 megawatts (Page 3).
The company expects to ramp up capacity utilization in value-added fluoropolymers from current 100 tonnes per month to 800-900 tonnes per month by March 2020 (Pages 13, 15, 16).
New fluoropolymer products and PTFE capacity expansions are expected to be fully utilized by the year 2020 (Page 8).
Future capacity plans and CAPEX for FY20 are under formulation and expected to be finalized in the next quarter (Page 11).
Loan repayments from related entities (Inox Leisure, Inox Renewable) are expected within the next 6 months (Page 15).

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

Capex plans

Yes

Completed capex in Chemical business with a focus on ramping up new revenue streams such as fluoropolymers, specialty chemicals, and PTFE capacity expansion.
Currently manufacturing only about 100 tonnes/month of new fluoropolymers, targeting 800-900 tonnes/month by March 2020.
Total capex spent in H1 FY19 was around Rs.150 crores; remaining capex for current projects estimated at Rs.50-75 crores.
Blueprint for FY20 capex is ready but not finalized; more clarity expected next quarter.
Planned future expansion of PTFE capacity beyond 21,000 tonnes possible at a new Dahej site, 7-8 km from existing plant, with blueprints to be clarified in the first quarter of next year.
Wind turbine business planning to add about 40 to 50 MW capacity with a potential capex of Rs.250-300 crores.
Possibility of value unlocking through corporate restructuring including demerger enabling focused growth strategies.

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