Anupam Rasayan Q1 Results Review - Large Miss Due To Deferred Orders: Nirmal Bang

Nirmal Bang Report

Anupam Rasayan India Ltd. Q1 FY25 standalone net revenue at Rs 1.64 billion missed our estimate by 43.2% due to customers deferring contract revenue worth Rs 800 million-Rs 1 billion. Standalone profit after tax missed our estimate by 95.5%. Consolidated revenue/profit after tax was a 33.6%/ 89.1% miss on consolidated street estimates (standalone street estimates not available).

Ebitda margin at 22.5% missed our estimates by 126 basis points and other expenses/Staff cost was below our estimate by 29.0% /22.9%. Ebitda saw a miss of 46.2%. Consolidated Ebitda was 40.5%, down against consensus. Other income was a 52.9% miss versus our estimates.

The global Agro-chemical industry is facing significant headwinds since last one year. The company expects this trend to persist in H1 FY25, but see a revival in revenue growth in H2 Y25 based on normal volumes, customers lifting orders deferred in Q1 FY25, and ramp up in Polymer/Pharma segments

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