Privi Speciality Chemicals Ltd

The transcript from the Privi Speciality Chemicals Limited analyst call on May 6, 2022, does not explicitly mention the current or expected order book or pending orders. However, from the discussion, the following inferences can be made: - Volume guidance for FY2023 is around 15% to 18% growth, targeting about 35,000 metric tons from 29,432 metric tons in FY2022, indicating healthy order inflow to support this increase. - The company faces challenges such as delays in project completions (Camphor, Galaxmusk, Prionyl), affecting inventories and sales timelines. - Demand-supply scenario for camphor was asked but not directly answered in the transcript provided. - Business continues with approximately 65%-70% contractual sales and 30%-35% spot sales, indicating stable order inflows with some flexibility. - No concrete details provided on current order backlog or specific pending orders. Therefore, no precise order book or pending orders data is shared in the available transcript.

- The company is considering equity fundraising, with a process similar to an IPO that may take 6-9 months; however, concrete plans are not finalized yet. - A board-approved enabling resolution allows exploring various equity fundraising options; a final proposal will be shared with shareholders once clarity is achieved. - Current net debt may reduce in 2023 due to improved revenues and EBITDA from new products and scheduled term loan repayments. - Debt-to-equity ratio has temporarily crossed one but is expected to normalize as revenues grow. - The average finance cost going forward is expected around ₹55 crore annually, reflecting working capital utilization and capitalization of term loans. - No specific immediate fresh capex or fundraising figures are provided; plans for new large Capex projects like menthol are pending strategy formulation post current Capex stabilization.

- Current Capex: About ₹500 Crores spent recently on projects including Camphor (Unit 2, Mahad) and Galaxmusk (Unit 6, Jhagadia) expected to be capitalized by Q1 FY 2022-23. Revenue contribution to start from Q2 and increase by Q4. - Future Capex: Plans are being formulated; possibility of a 6-9 month pause to evaluate current Capex results before new investments. - Strategic Investment: Dream project on menthol planned, requiring significant Capex. - Fundraising: Board approved enabling resolution to raise funds via equity; process expected to take 6-9 months. Raising capital planned after current Capex yields returns to ensure company strength and reduced finance costs from FY 2023-24 onward. - Additional Capex may be needed to reach ₹3000 Crores target due to the fixed asset turnover ratio and asset base differences. - R&D investments ongoing with 8 products in pipeline, including biotechnology products, supporting growth from ₹3000 crore to ₹5000 crore in future years.

- Expected volume growth of 15% to 18% in FY2023, increasing from 29,432 tons to around 35,000 tons. - Revenue growth anticipated around 20% to 25% driven by volume growth plus 5% to 6% price increases. - New product capacities (~10,000 tons) starting from July 2022, with major revenue spurt expected in Q4 FY2023. - Cautious optimism to achieve ₹3000 Crores topline by FY2024-25; if delays occur, possibly by FY2025-26. - Long-term vision to grow from ₹3000 Crores to ₹5000 Crores through pipeline of 3-4 new products and ongoing R&D. - Camphor demand expected to grow at 8-10% annually, supporting ~5,000 tons sales. - Debt to EBITDA ratio expected to improve with better margins and revenue growth. - EBITDA steady-state targeted between 17.5% to 19.5% over the medium term.

- EBITDA margins expected to stabilize between 17.5% to 19.5% in steady state, though a slight dip or flattish level could occur in near term due to higher depreciation and interest costs from new capex. (Page 16-17) - Revenue growth targeted around 20% (15-18% volume growth plus 5-6% price increases) for FY2023, with growth recovering mainly in H2 FY2023. (Page 15-17) - Introduction of new products expected to improve margins and revenue, supporting ambitious topline targets (Rs. 3000 Cr by FY2025 and Rs. 5000 Cr beyond). (Page 7-8, 13) - Debt-to-EBITDA ratio expected to decline due to better EBITDA and revenues growing ~25%; financials improving with repayment of term loans. (Page 19-20) - Finance costs to stabilize around Rs. 55 Cr from 2022-23 due to increased working capital and capitalization of term loans linked to new capacity. (Page 12) - Overall cautious optimism on profit growth given current raw material and freight cost pressures but confidence in long-term growth trajectory. (Page 4-5, 17)