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Paradeep Phosphates Limited — Earnings Release 2024
May 15, 2024
59408_rns_2024-05-15_6b92fe3b-7f64-40c0-8559-afad651ff827.pdf
Earnings Release
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May 15, 2024
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) MUMBAI - 400 051
BSE Limited, Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street MUMBAI - 400 001
Dear Sir/Madam,
Company's Scrip Code in BSE : 543530 Company’s Symbol in NSE : PARADEEP ISIN : INE088F01024
Sub: Press Release - Audited Financial Results of the Company for the quarter and year ended March 31, 2024
With reference to captioned subject, we enclose a copy of the press release issued by the Company in connection with the Audited Financial Results for the quarter and year ended March 31, 2024, for your information and record.
Thanking you,
Yours faithfully,
For Paradeep Phosphates Limited
SACHIN Digitally signed by SACHIN SHANKA SHANKAR PATIL Date: 2024.05.15 R PATIL 17:26:48 +05'30' Sachin Patil Company Secretary
Encl: As above
PARADEEP PHOSPHATES LIMITED
CIN No.: L24129OR1981PLC001020
Corporate Office : Adventz Center, 3[rd] Floor, No. 28, Union Street, Off Cubbon Road, Bengaluru- 560001 Tel : + 91 80 46812500/555 Email : [email protected]
Registered office : Bayan Bhawan, Pandit J N Marg, Bhubaneswar - 751001 Tel: +0674 666 6100 Fax: +0674 2392631 www.paradeepphosphates.com
Press Release
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Paradeep Phosphates declares Q4 & Full Year FY 24 Results, PAT grows by 114 % in March Quarter
15[th] May, 2024: Paradeep Phosphates Ltd (PPL) today declared its financial results for the quarter and full year that ended on 31st March 2024.
For Q4 FY24, profit after tax (PAT) grew by 115% year-on-year (YoY) to Rs 20 crores, while quarterly EBITDA grew by 11% YoY to Rs 178 crores. Revenue from operations stood at Rs 2,243 crores. Fertilizer volumes produced and sold in the quarter were 4,70,429 MT and 5,02,279 MT respectively.
For the full year of FY 2023-24, revenue from operations stood at Rs 11,575 crores, while EBITDA and PAT were Rs 717 crores and Rs 99 crores respectively. The production volumes were 2,304,969 MT, growing YoY by 13%, and the sales volumes were 2,527,119 MT, jumping YoY by 25%.
The Board of Directors has recommended a dividend of 5% ie Rs 0.50 per equity share of Rs 10 each fully paid up, subject to approval of shareholders at the ensuing AGM.
Commenting on the results, Mr. N Suresh Krishnan, Managing Director & CEO, PPL said,
“ The fiscal year 2023-24 brought significant macroeconomic changes. We witnessed global uncertainty, experienced average rainfall, and benefited from the normalization of raw material prices worldwide, although this was accompanied by a decrease in subsidy realizations.
Despite these fluctuations, we achieved positive volumes, producing 2.3 million tons of various grades of DAP and NPK fertilizers throughout the year—an increase of 13% compared to last year. Furthermore, our sales reached nearly 2.53 million tons across various states in India, marking a 25% increase from the previous year. We also managed our debt effectively reducing it by 14% YoY.
Looking ahead, we are gearing up to introduce innovative grades of soil and crop specific NPK fertilizers. We are also in the process of launching our own researched biogenic nano-urea and nano-DAP fertilizers, which promises a significant value addition to soil nutrition.
PARADEEP PHOSPHATES LIMITED
CIN No.: L24129OR1981PLC001020 Bayan Bhawan, Pandit J N Marg, Bhubaneswar - 751001 Tel: +0674 666 6100 Fax: +0674 2392631 www.paradeepphosphates.com
Press Release
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Our commitment to sustainability has also been recognized, with our first-time entry into the S&P’s DJSI index. We remain dedicated to advancing our ESG goals and making sustainability a central theme in all our operations.
With an expectedly better monsoon season ahead, we are fully prepared to meet the demands of the Kharif season with an optimal product mix, enhanced farmer engagement, and improved operational efficiencies.”
Performance Highlights
- Total Income from Operations:
o FY 2023-24: Rs 11,575 crores, down by 13% YoY. o Q4 FY 2023-24: Rs 2,243 crores, down by 38% YoY. o The reductions are attributable to a decrease in product subsidies.
- EBITDA:
o FY 2023-24: Rs 717 crores, down by 20% YoY.
o Q4 FY 2023-24: Rs 178 crores, up by 11% YoY.
• Production Volumes: o FY 2023-24: 2,304,969 MT, up by 13% YoY. o Q4 FY 2023-24: 470,429 MT.
- Finished Fertilizer Production:
o Paradeep site: ▪ FY 2023-24: 1,425,845 MT, up by 10% YoY. ▪ Q4 FY 2023-24: 319,850 MT. o Goa site: ▪ FY 2023-24: 879,124 MT, up by 19% YoY. ▪ Q4 FY 2023-24: 150,579 MT.
• Total Sales Volume:
o FY 2023-24: 2,527,119 MT, compared to 2,029,287 MT in FY 202223.
- Key Fertilizer Raw Material Prices:
o Have seen a steady correction throughout FY 2023-24.
- Finance Cost:
o Increased YoY due to higher production volumes and the concomitant need for working capital.
- Outlook:
o Given growing food demand and a good forecast for the monsoon in FY 2024-25, fertilizer demand is expected to remain firm.
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PARADEEP PHOSPHATES LIMITED
CIN No.: L24129OR1981PLC001020 Bayan Bhawan, Pandit J N Marg, Bhubaneswar - 751001 Tel: +0674 666 6100 Fax: +0674 2392631 www.paradeepphosphates.com
Press Release
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About Paradeep Phosphates Limited
Paradeep Phosphates Limited (PPL) is one of India's largest private sector phosphatic fertilizer companies, producing a wide range of phosphatic grades including DAP, N-10, N-12, N-14, N-19, N-20, and N-28. The company’s Goa plant also produces urea. PPL is a key supplier of fertilizers to the states of Maharashtra, Karnataka, Odisha, West Bengal, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, Telangana, Chhattisgarh, and Madhya Pradesh. The company is also a major supplier of various industrial products such as gypsum, zypmite, hydrofluorosilicic acid (HFSA), sulphuric acid, and ammonia.
In May 2022, PPL successfully completed a Rs 1,500 crore initial public offering (IPO). PPL is currently promoted by Zuari Maroc Phosphates Pvt Ltd, a 50:50 joint venture between Zuari Agrochemicals and the OCP Group of Morocco.
PPL currently has a total capacity of 3 million MT, of which 0.4 million MT is urea and the remaining 2.6 million MT are phosphates. The company has two large manufacturing facilities—one in Paradeep, Odisha, and another in Zuarinagar, Goa.
The company's products are marketed under the brand names "Jai Kisaan" and "Navratna" with over four decades of brand equity. The company has a customer base of over 9 million farmers spread across more than 15 states.
For more information please contact: Susnato Lahiri
DGM Strategy, Investor Relations & ESG Tel: +91-80-46812533 Email: [email protected]
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PARADEEP PHOSPHATES LIMITED
CIN No.: L24129OR1981PLC001020 Bayan Bhawan, Pandit J N Marg, Bhubaneswar - 751001 Tel: +0674 666 6100 Fax: +0674 2392631 www.paradeepphosphates.com