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FERMENTA BIOTECH LIMITED — Earnings Release 2024
Feb 20, 2024
60716_rns_2024-02-20_621d9b06-e5f6-491d-ad98-24a22373829f.pdf
Earnings Release
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Ref: F.No.:908
February 20, 2024
Corporate Relations BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001
Dear Sir,
Sub.: Intimation of Earnings Presentation for Quarter 3 – Financial Year 2023-2024
[Q3-FY23/FY24]
Ref: Scrip Code: 506414
Further to our intimation dated February 12, 2024 regarding approval of Unaudited Financial Results (Standalone and Consolidated) by the Board of Directors for the quarter and nine months ended December 31, 2023, we hereby enclose a copy of Earnings Presentation for Quarter 3 – Financial Year 2023-2024.
The said Earnings Presentation will thereafter be uploaded on Company’s website at www.fermentabiotech.com
Kindly take the same on record.
Thanking you,
Yours faithfully,
for Fermenta Biotech Limited
SRIKANT Digitally signed by SRIKANT NATH NATH SHARMA Date: 2024.02.20 SHARMA 16:33:39 +05'30'
Srikant N Sharma Company Secretary CS Membership No: F3617
A-1501, Thane One, DIL Complex, Ghodbunder Road, Majiwade, Thane (W) 400610
Encl: As above
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Earnings Presentation | Q3/9M-FY24
Snapshot
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Only manufacturer of Vitamin D3 in India
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Proprietary technology to manufacture Vitamin D3
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DSIR approved R&D facility
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350+ clients across the globe
Top 3 Amongst top 3 manufacturers of Vitamin D3 globally
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55 Years of Vitamin D3 manufacturing experience
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10 patents granted in 2022
Backward integrated
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Global Presence in 60+ countries
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Both manufacturing facilities certified by global regulatory bodies
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Big 4 statutory auditor
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Forward Integrating and diversifying to offer more nutraceutical products
Fermenta Biotech Limited
2
Company Overview
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Fermenta Biotech Limited (FBL) (Erstwhile DIL Ltd.) incorporated in 1951 by Dr. DVK Raju, is engaged in development and manufacturing of pharmaceuticals, biotechnology and environmental solutions used across various industries.
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With a rich history of seven decades FBL has evolved as a key global player in manufacturing of Vitamin D3 in all its formats and has a non-China dependent supply chain.
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FBL manufactures a range of Vitamin D3 variants having an optimal mix between human and animal feed products which have applications across multiple sectors like:
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Pharmaceuticals 4. Animal feed
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Dietary and nutritional supplements 5. Veterinary
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Food and beverage fortification
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Rodenticides
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Consolidated Revenue (INR Mn) & EBITDA Margins (%)
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21.65%
3,985
3,773
3,499
2,383
15.41% 9.32%
5.12%
FY21 FY22 FY23 9M-FY24
Operational Revenue EBITDA Margins (%)
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Revenue Mix % (FY23)
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The company is also involved in manufacturing of APIs for muscle relaxant and anti-flatulent applications.
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FBL delivers innovative enzymes used in manufacturing of active pharmaceutical ingredients and is involved in environmental solutions used for waste water treatment and management.
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Real Estate
Sale
14%
Rental Income
4%
Vitamin D3
Other APIs and
59%
Intermediary
14%
Fish Oil
Cholesterol
9%
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Fermenta Biotech Limited
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Q3/9M-FY24
Q3/9M-FY24 Financial Highlights
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Q3-FY24 Standalone Performance
9M-FY24 Standalone Performance
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INR 2,174 Mn INR 280 Mn 12.88 %
Operational Income Operational EBITDA Operational EBITDA Margin
INR (115) Mn (5.29)% INR (3.98)/share
Net Profit/(Loss) PAT Margin Diluted EPS
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INR 894 Mn INR 265 Mn 29.64%
Operational Income Operational EBITDA Operational EBITDA Margin
INR 117 Mn 13.09 % INR 4.05 /share
Net Profit/(Loss) PAT Margin Diluted EPS
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Q3-FY24 Consolidated Performance
9M-FY24 Consolidated Performance
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INR 2,383 Mn INR 222 Mn 9.32 %
Operational Income Operational EBITDA Operational EBITDA Margin
INR (169) Mn (7.09)% INR (5.59)/share
Net Profit/(Loss) PAT Margin Diluted EPS
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INR 990 Mn INR 252 Mn 25.45%
Operational Income Operational EBITDA Operational EBITDA Margin
INR 100 Mn 10.10% INR 3.41/share
Net Profit/(Loss) PAT Margin Diluted EPS
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Fermenta Biotech Limited
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Q3/9M-FY24 Operational Highlights
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Volumes of Vitamin D3 for Human Nutrition in Q3-FY24 was higher by 26% compared to Q2-FY24 and 38% lower in 9M-FY24 as compared to 9M-FY23, while the average prices of Vitamin D3 for Human Nutrition were lower by 2% in Q3-FY24 as compared to Q2-FY24 and higher by 12% in 9M-FY24 as compared to 9M-FY23.
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Animal Feed volumes and prices continue to be subdued.
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In Q3-FY24 the company has sold major part of its Investment Property being freehold land located at Village Takawe. The income on sale of such property was INR 388 Mn, which has been recognised as income under the head revenue from operation pertaining to property segment.
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In Q3-FY24 the company has received intimation/ assessment order for financial years 2018-2019 and 20192020 basis which an additional provision of tax is required on account of certain disallowances. Basis the order received, the Company has further re-assessed the tax liability for subsequent years and accordingly a total MAT credit recognised of INR 60.8 Mn has been written off during the quarter relating to earlier years.
Fermenta Biotech Limited
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Vitamin D3 500 Animal Feed Price Trend
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85
80
75
60
33
32
30
25
22
20 20
16
13
12
10
9
8 8
7
6 6 6
7
7
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Calendar Year
Source: feedinfo.com
Min of Low Max of High
Price (Euro/kg)
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Fermenta Biotech Limited
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Quarterly Standalone Financial Performance
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| PARTICULARS (INR Mn) | Q3-FY24 | Q3-FY23 | Y-o-Y | Q2-FY24 | Q-o-Q |
|---|---|---|---|---|---|
| Operational Revenue | 894 | 538 | 66.2% | 513 | 74.3% |
| Total Expenses | 629 | 599 | 5.0% | 629 | 0.0% |
| Operational EBITDA | 265 | (61) | NA | (116) | NA |
| Operational EBITDA Margins (%) | 29.64% | NA | NA | NA | NA |
| Other Income | 26 | 9 | NA | 20 | 30.0% |
| Depreciation | 61 | 62 | (1.6)% | 57 | 7.0% |
| Finance Cost | 52 | 51 | 2.0% | 37 | 40.5% |
| Profit/ (Loss) Before Tax and Exceptional Items | 178 | (165) | NA | (190) | NA |
| Exceptional Items | - | (446) | NA | (90) | NA |
| Tax | 61 | (30) | NA | - | NA |
| Profit/(Loss) after Tax | 117 | (581) | NA | (280) | NA |
| PAT Margins (%) | 13.09% | NA | NA | NA | NA |
| Other Comprehensive Income | (0) | 1 | NA | (0) | NA |
| Total Comprehensive Income | 117 | (580) | NA | (280) | NA |
| Diluted EPS (INR) | 4.05 | (20.13) | NA | (9.69) | NA |
Fermenta Biotech Limited
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YTD Standalone Financial Performance
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| PARTICULARS (INR Mn) | 9M-FY24 | 9M-FY23 | Y-o-Y |
|---|---|---|---|
| Operational Revenue | 2,174 | 2,283 | (4.8)% |
| Total Expenses | 1,894 | 2,152 | (12.0)% |
| Operational EBITDA | 280 | 131 | NA |
| Operational EBITDA Margins (%) | 12.88% | 5.74% | 714 Bps |
| Other Income | 67 | 74 | (9.5)% |
| Depreciation | 175 | 186 | (5.9)% |
| Finance Cost | 136 | 145 | (6.2)% |
| Profit/ (Loss) Before Tax and Exceptional Items | 36 | (126) | NA |
| Exceptional Items | (90) | (446) | 79.8% |
| Tax | 61 | (23) | NA |
| Profit/(Loss) after Tax | (115) | (549) | 79.1% |
| PAT Margins (%) | NA | NA | NA |
| Other Comprehensive Income | 0 | 1 | NA |
| Total Comprehensive Income | (115) | (548) | 79.0% |
| Diluted EPS (INR) | (3.98) | (19.04) | 79.1% |
Fermenta Biotech Limited
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Quarterly Consolidated Financial Performance
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| PARTICULARS (INR Mn) | Q3-FY24 | Q3-FY23 | Y-o-Y | Q2-FY24 | Q-o-Q |
|---|---|---|---|---|---|
| Operational Revenue | 990 | 549 | 80.3% | 569 | 74.0% |
| Total Expenses | 738 | 648 | 13.9% | 708 | 4.2% |
| Operational EBITDA | 252 | (99) | NA | (139) | NA |
| Operational EBITDA Margins (%) | 25.45% | NA | NA | NA | NA |
| Other Income | 25 | 9 | NA | 19 | 31.6% |
| Depreciation | 64 | 63 | 1.6% | 59 | 8.5% |
| Finance Cost | 52 | 51 | 2.0% | 37 | 40.5% |
| Profit/ (Loss) Before Tax and Exceptional Items | 161 | (204) | NA | (216) | NA |
| Exceptional Items | - | (194) | NA | (75) | NA |
| Tax | 61 | (30) | NA | - | NA |
| Profit/(Loss) after Tax | 100 | (368) | NA | (291) | NA |
| PAT Margins (%) | 10.10% | NA | NA | NA | NA |
| Other Comprehensive Income | (18) | (25) | 28.0% | 8 | NA |
| Total Comprehensive Income* | 82 | (393) | NA | (283) | NA |
| Diluted EPS (INR) | 3.41 | (12.66) | NA | (9.90) | NA |
*Total OCI is calculated Excluding Non-controlling Interest
Fermenta Biotech Limited
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YTD Consolidated Financial Performance
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| PARTICULARS (INR Mn) | 9M-FY24 | 9M-FY23 | Y-O-Y |
|---|---|---|---|
| Operational Revenue | 2,383 | 2,448 | (2.7)% |
| Total Expenses | 2,161 | 2,464 | (12.3)% |
| Operational EBITDA | 222 | (16) | NA |
| Operational EBITDA Margins (%) | 9.32% | NA | NA |
| Other Income | 64 | 74 | (13.5)% |
| Depreciation | 183 | 221 | (17.2)% |
| Finance Cost | 137 | 145 | (5.5)% |
| Profit/ (Loss) Before Tax and Exceptional Items | (34) | (308) | 89.0% |
| Exceptional Items | (74) | (194) | 61.9% |
| Tax | 61 | (24) | NA |
| PAT | (169) | (478) | 64.6% |
| PAT Margins (%) | NA | NA | NA |
| Other Comprehensive Income | (11) | (13) | 15.4% |
| Total Comprehensive Income* | (180) | (491) | 63.3% |
| Diluted EPS (INR) | (5.59) | (16.27) | 65.6% |
*Total OCI is calculated Excluding Non-controlling Interest
Fermenta Biotech Limited
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Historical Standalone Income Statement
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| PARTICULARS (INR Mn) | 9M-FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|
| Operational Revenue | 2,174 | 3,289 | 3,880 | 3,728 |
| Total Expenses | 1,894 | 2,902 | 3,120 | 2,791 |
| Operational EBITDA | 280 | 387 | 760 | 937 |
| Operational EBITDA Margins (%) | 12.88% | 11.77% | 19.59% | 25.13% |
| Other Income | 67 | 76 | 75 | 66 |
| Depreciation | 175 | 245 | 237 | 190 |
| Finance Cost | 136 | 209 | 172 | 181 |
| Profit/ (Loss) Before Tax and Exceptional Items | 36 | 9 | 426 | 632 |
| Exceptional Items | (90) | (596) | - | - |
| Tax | 61 | (12) | 124 | 112 |
| Profit/(Loss) after Tax | (115) | (575) | 302 | 520 |
| PAT Margins (%) | NA | NA | 7.78% | 13.95% |
| Other Comprehensive Income | 0 | 1 | (2) | (1) |
| Total Comprehensive Income | (115) | (574) | 300 | 519 |
| Diluted EPS (INR) | (3.98) | (19.94) | 10.43 | 17.92 |
Fermenta Biotech Limited
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Historical Standalone Balance Sheet
| PARTICULARS(INR Mn) | H1-FY24 | FY23 | FY22 | |
|---|---|---|---|---|
| Equity | 3,095 | 3,360 | 3,959 | |
| a) Equity share capital | 144 | 144 | 144 | |
| b) Other equity | 2,951 | 3,216 | 3,815 | |
| Liabilities | ||||
| Non-current liabilities | 873 | 1,152 | 1,300 | |
| a) Financial liabilities | ||||
| i) Borrowings | 535 | 835 | 1,147 | |
| ii) Lease liabilities | 17 | 20 | 37 | |
| iii) Other financial liabilities | 13 | 11 | 7 | |
| b) Provisions | 47 | 46 | 57 | |
| d) Other non-current liabilities | 261 | 240 | 52 | |
| Current Liabilities | 2,116 | 2,126 | 1,867 | |
| a) Financial liabilities | ||||
| i) Borrowings | 1,163 | 1,333 | 1,214 | |
| ii) Lease liabilities | 2 | 7 | 11 | |
| ii) Trade payables | 608 | 519 | 456 | |
| iii) Other financial liabilities | 118 | 91 | 128 | |
| b) Provisions | 6 | 6 | 8 | |
| c) Other current liabilities | 216 | 166 | 47 | |
| d) Current tax liabilities (Net) | 3 | 3 | 3 | |
| e) Contract Liability | - | 1 | - | |
| TOTAL EQUITY AND LIABILITIES | 6,084 | 6,638 | 7,126 |
| PARTICULARS(INR Mn) | H1-FY24 | FY23 | FY22 |
|---|---|---|---|
| Assets | |||
| Non-current Assets | 3,802 | 4,105 | 3,974 |
| a)Property, plant and equipment | 1,977 | 2,048 | 1,935 |
| b) Capital work-in-progress | 488 | 419 | 299 |
| c)Right ofuse assets | 111 | 117 | 157 |
| d)Investment property | 139 | 287 | 668 |
| e) Goodwill | 41 | 41 | 41 |
| f) Other intangible assets | 58 | 74 | 66 |
| g )Intangible assets underdevelopment | 31 | 31 | 47 |
| h)Investments | |||
| i)Investments in subsidiaries | 32 | 122 | 127 |
| i)Financialassets | |||
| i)Investments | 4 | 4 | 3 |
| ii)Loans | 74 | 72 | 64 |
| iii) Othersfinancialassets | 216 | 210 | 67 |
| iv)TradeReceivables | 161 | 180 | - |
| j)Deferred taxassets (Net) | 333 | 333 | 333 |
| k) Non-current tax assets (Net) | 119 | 103 | 132 |
| l) Other non-current assets | 18 | 64 | 35 |
| Current Assets | 2,282 | 2,533 | 3,152 |
| a) Inventories | 924 | 1,097 | 1,296 |
| b) Financial assets | |||
| i) Trade receivables | 589 | 674 | 1,178 |
| ii) Cash and cash equivalents | 48 | 321 | 102 |
| iii)Bank balances other than (iii) above | 456 | 230 | 206 |
| iv) Investments | - | 28 | - |
| v)Loans | 47 | 10 | - |
| vi) Other financial assets | 15 | 9 | 50 |
| c) Other current assets | 188 | 132 | 320 |
| d) Contract assets | 15 | 32 | - |
| TOTAL ASSETS | 6,084 | 6,638 | 7,126 |
Fermenta Biotech Limited
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Historical Consolidated Income Statement
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| PARTICULARS (INR Mn) | 9M-FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|
| Operational Revenue | 2,383 | 3,499 | 3,985 | 3,773 |
| Total Expenses | 2,161 | 3,320 | 3,371 | 2,956 |
| Operational EBITDA | 222 | 179 | 614 | 817 |
| Operational EBITDA Margins (%) | 9.32% | 5.12% | 15.41% | 21.65% |
| Other Income | 64 | 77 | 81 | 82 |
| Depreciation | 183 | 282 | 255 | 203 |
| Finance Cost | 137 | 208 | 171 | 180 |
| Profit/(Loss) before Exceptional Items and Tax | (34) | (234) | 269 | 516 |
| Exceptional Items | (74) | (285) | - | - |
| Tax | 61 | 17 | 118 | 91 |
| Non-controlling interests | - | 21 | 3 | 30 |
| Profit/(Loss) after Tax | (169) | (515) | 154 | 455 |
| PAT Margins (%) | NA | NA | 3.86% | 12.06% |
| Other Comprehensive Income | (11) | (15) | 7 | (2) |
| Total Comprehensive Income | (180) | (530) | 161 | 423 |
| Diluted EPS (INR) | (5.59) | (17.85) | 5.33 | 15.69 |
*Total OCI is calculated Excluding Non-controlling Interest
Fermenta Biotech Limited
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Historical Consolidated Balance Sheet
| PARTICULARS(INR Mn) | H1-FY24 | FY23 | FY22 |
|---|---|---|---|
| Equity | 2,830 | 3,126 | 3,714 |
| a) Equity share capital | 144 | 144 | 144 |
| b) Other equity | 2,722 | 3,009 | 3,577 |
| c) Non-controlling interests | (36) | (27) | (7) |
| Liabilities | |||
| Non-current liabilities | 872 | 1,152 | 1,283 |
| a) Financial liabilities | |||
| i) Borrowings | 534 | 836 | 1,147 |
| ii) Lease liabilities | 17 | 20 | 20 |
| iii) Other financial liabilities | 13 | 11 | 7 |
| b) Provisions | 47 | 46 | 56 |
| c) Other non-current liabilities | 261 | 239 | 52 |
| Current Liabilities | 2,244 | 2,087 | 2,071 |
| a) Financial liabilities | |||
| i) Borrowings | 1,163 | 1,333 | 1,214 |
| ii) Lease liabilities | 2 | 7 | 11 |
| ii) Trade payables | 732 | 458 | 646 |
| iii) Other financial liabilities | 118 | 91 | 128 |
| b) Provisions | 9 | 26 | 10 |
| c) Other current liabilities | 217 | 168 | 59 |
| d) Current tax liabilities (Net) | 3 | 3 | 3 |
| e) Contract Liability | 0 | 1 | - |
| TOTAL EQUITY AND LIABILITIES | 5,946 | 6,365 | 7,068 |
| PARTICULARS(INR Mn) | H1-FY24 | FY23 | FY22 |
|---|---|---|---|
| Assets | |||
| Non-current Assets | 3,561 | 3,835 | 3,928 |
| a)Property, plant and equipment | 1,977 | 2,048 | 1,935 |
| b)Capital work-in-progress | 488 | 419 | 299 |
| c)Right of use assets | 111 | 117 | 139 |
| d)Investmentproperty | 139 | 287 | 673 |
| e)Goodwill | 41 | 115 | 109 |
| f)Other intangible assets | 81 | 102 | 129 |
| g )Intangible assets under development | 31 | 31 | 47 |
| h)Financial assets | |||
| i)Investments | 4 | 4 | 3 |
| ii)Loans | 3 | 2 | - |
| iii)Others financial assets | 215 | 210 | 67 |
| i)Deferred tax assets(Net) | 333 | 333 | 360 |
| j)Non-current tax assets(Net) | 120 | 103 | 132 |
| k)Other non-current assets | 18 | 64 | 35 |
| Current Assets | 2,385 | 2,530 | 3,140 |
| a)Inventories | 1,083 | 1,301 | 1,595 |
| b)Financial assets | |||
| i)Trade receivables | 484 | 416 | 871 |
| ii)Cash and cash equivalents | 94 | 353 | 130 |
| iii)Bank balances other than(iii)above | 456 | 230 | 206 |
| iv)Investments | - | 28 | - |
| v)Loans | 47 | 10 | - |
| vi)Other financial assets | 12 | 4 | 3 |
| c)Other current assets | 194 | 156 | 335 |
| d)Contract Assets | 15 | 32 | - |
| TOTAL ASSETS | 5,946 | 6,365 | 7,068 |
Fermenta Biotech Limited
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Historical Consolidated Financial Performance
Operational Revenue (INR Mn) Operational EBITDA (INR Mn) & Margins (%)
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3,985
3,773
3,499
2,383
FY21 FY22 FY23 9M-FY24
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21.65%
817
15.41%
614
9.32%
222
5.12%
179
FY21 FY22 FY23 9M-FY24
EBITDA (INR Mn) EBITDA Margins (%)
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Working Capital Days
RoCE & RoE (%)
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97 98
19% 46
12%
4% -2%
12% 13%
7%
FY20 FY21 FY22 FY23
-17%
FY21 FY22 FY23
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PAT (INR Mn) & Margins (%)
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455
12.06%
154
3.86%
FY21 FY22 FY23 9M-FY24
-7.09%
-169
-14.72%
-515
PAT (INR Mn) PAT Margins (%)
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Net Debt to Equity (x)
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0.55
0.51
0.45
0.41
FY21 FY22 FY23 H1-FY24
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RoCE (%) RoE (%)
Fermenta Biotech Limited
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Disclaimer
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No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management Fermenta Biotech Limited (“Company” or “FBL”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.
This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.
Valorem Advisors Disclaimer:
Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.
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For further information please contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: [email protected]
Fermenta Biotech Limited
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Thank You