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Nirmal Bang Report
Anupam Rasayan India Ltd.'s revenue grew by 24.8% YoY and profit after tax grew by 15.2% YoY. Ebitda margin looks healthy at 29.5%.
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The management sounded positive about growth from existing contracts and potential for letter of intent conversion to orders and new order wins, especially based on Europe plus offering an added tailwind for Indian custom synthesis and manufacturing industry.
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Anupam Rasayan has planned capex of Rs 2.5 billion in FY23 to build capacity for Rs 26 billion (LOI plus orders) - to add peak revenue of Rs 5 billion over the next five years, and achieve incremental asset turn of 1.75 times and return on capital employed of 20%.
Anupam Rasayan also expects higher value/wallet share from new orders. The latest PPT also revealed $220-260 million worth of revenue opportunity in fluorine chemistry - 16% of current revenue – likely to be achieved over the next three-five years. This segment is likely to add 14 new molecules.
To this end, the company is planning another Rs 4.2 billion capex over the next two years based on the QIP fund raising of Rs 4.97 billion completed in Q2 FY23.
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