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

The company anticipates a 12% top-line growth in FY24, driven largely by 8-9% volume growth and about 3% price growth. EBITDA margins are expected to remain stable, with Quarter 4 FY23 seen as representative of ongoing performance levels. Improvement in the Global Ingredients segment EBITDA is expected from the second half of FY24, driven by backward integration and local sourcing initiatives. The gross margin is expected to stabilize or improve slightly, though energy costs may pressure operating costs, particularly in Europe. No major price hikes are anticipated beyond Q1 FY24 as raw

Any current/future new fundraising through debt or equity?

There is no mention of any current or immediate future fundraising through either debt or equity in the transcript. The company is focused on reducing debt steadily, targeting around Rs. 500 crores initially, with debt expected to come down after a small blip due to planned investments and dividend outflows in the first half of the year. Planned investments include the Indonesia plant and the second tranche of the Holland Aromatic acquisition, which will cause some cash outflows but no explicit mention of raising funds to support these. The company appears confident in managing operations and

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

The company plans investments in its Indonesia plant and the second tranche of the Holland Aromatic acquisition in the near term (next 6 months). Some dividend outflows and non-operating cash flow outflows are expected in the first half of the fiscal year. Backward integration projects for Global Ingredients will primarily be carried out through supply contracts with reliable partners in the Indian chemical and aroma chemical industries, avoiding large capital expenditure. The China plant has been closed with no further investment planned there; focus is on full backward integration with

Future growth expectations in sales/revenue/volumes?

Expected revenue growth for next year is around 12%. This growth is anticipated to be driven primarily by volume growth of 8% to 9%. Price growth is expected to contribute approximately 3% to the revenue increase. Price increases will largely materialize in Quarter 1 of the next financial year due to contract renewals. After Q1, no significant further price hikes are expected unless raw material costs change. Growth is seen not only from large established FMCG clients but also from smaller and new entrants, especially e-commerce brands. The Global Ingredients segment, currently fac

Current/ Expected Orderbook/ Pending Orders?

S H Kelkar & Company Limited mentioned having Rs. 300 crore worth of RFPs (Request for Proposals) awarded. They have made submissions for more than Rs. 100 crore potential business annually from these RFPs. The company is awaiting feedback from clients on these submissions. As of the latest update, there has been no change from the last quarter regarding order awards. Progress is happening, and the company is actively seeking more clarity from clients on the way forward.

S H Kelkar & Co.Q4 FY23Chemicals & Petrochemicals

S H Kelkar & Co. Q4 FY23 Earnings Call Analysis

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

Price: ₹138P/E: 41.7Market Cap: ₹2.0K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Expected revenue growth for next year is around 12%.
This growth is anticipated to be driven primarily by volume growth of 8% to 9%.
Price growth is expected to contribute approximately 3% to the revenue increase.
Price increases will largely materialize in Quarter 1 of the next financial year due to contract renewals.
After Q1, no significant further price hikes are expected unless raw material costs change.
Growth is seen not only from large established FMCG clients but also from smaller and new entrants, especially e-commerce brands.
The Global Ingredients segment, currently facing cost pressures, is expected to show margin improvements and EBITDA strength in the second half of the year.
The company aims to gain market share from competitors through aggressive and targeted account plans.

Margin guidance

Category 3

The company anticipates a 12% top-line growth in FY24, driven largely by 8-9% volume growth and about 3% price growth.
EBITDA margins are expected to remain stable, with Quarter 4 FY23 seen as representative of ongoing performance levels.
Improvement in the Global Ingredients segment EBITDA is expected from the second half of FY24, driven by backward integration and local sourcing initiatives.
The gross margin is expected to stabilize or improve slightly, though energy costs may pressure operating costs, particularly in Europe.
No major price hikes are anticipated beyond Q1 FY24 as raw material prices have stabilized, subject to change if raw material outlook shifts.
The company expects steady reduction in debt post some investments in Indonesia plant and acquisitions in the first half of FY24, which could positively impact financials.
Growth momentum is also seen from new business clients including e-commerce and smaller brands, alongside established FMCGs.

See what S H Kelkar & Co. management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no mention of any current or immediate future fundraising through either debt or equity in the transcript.
The company is focused on reducing debt steadily, targeting around Rs. 500 crores initially, with debt expected to come down after a small blip due to planned investments and dividend outflows in the first half of the year.
Planned investments include the Indonesia plant and the second tranche of the Holland Aromatic acquisition, which will cause some cash outflows but no explicit mention of raising funds to support these.
The company appears confident in managing operations and investments with existing resources without needing additional fundraising at this point.

Order book

S H Kelkar & Company Limited mentioned having Rs. 300 crore worth of RFPs (Request for Proposals) awarded.
They have made submissions for more than Rs. 100 crore potential business annually from these RFPs.
The company is awaiting feedback from clients on these submissions.
As of the latest update, there has been no change from the last quarter regarding order awards.
Progress is happening, and the company is actively seeking more clarity from clients on the way forward.

See what S H Kelkar & Co. management said on order book — free account, 30 seconds.

Capex plans

Yes

The company plans investments in its Indonesia plant and the second tranche of the Holland Aromatic acquisition in the near term (next 6 months).
Some dividend outflows and non-operating cash flow outflows are expected in the first half of the fiscal year.
Backward integration projects for Global Ingredients will primarily be carried out through supply contracts with reliable partners in the Indian chemical and aroma chemical industries, avoiding large capital expenditure.
The China plant has been closed with no further investment planned there; focus is on full backward integration within India by the end of the year.
The company aims for steady debt reduction after these near-term investments.

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S H Kelkar & Co. Q4 FY23 Earnings Call Analysis

Revenue guidance

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Capex plans

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