India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Anupam Rasayan India Ltd.

Anupam Rasayan India Ltd

RESEARCH ANALYST KRChoksey Research 30th August,

Result update
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO> 22-11-2023
Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Thomson Reuters, Factset and Capital IQ
www.krchoksey.com
2023
 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Anupam Rasayan India Ltd. Weak quarterly performance due to lack of demand in end customer business

CMP Target Potential Upside Market Cap (INR Mn) Recommendation Sector
INR 932 INR 990 6.1% INR 1,00,185 ACCUMULATE Specialty Chemicals

Result Highlights of Q2FY24:

• For Q2FY24, Anupam Rasayan’s revenue declined marginally by 0.2% YoY but increased by 1.5% QoQ to INR 3,921 Mn, this muted performance was due to lack of
demand from major client’s business in the export market, and it is expected end customer demand would increase in the second half of FY24E while for H1FY24, the
revenue increased by 5.7% YoY to INR 7,785 Mn.

• EBITDA declined 3.0% YoY but grew 6.0% QoQ to INR 1,075 Mn, for H1FY24 EBITDA declined marginally by 0.2% to INR 2,089 Mn. EBITDA margin contracted 80 bps YoY
but expanded 116 bps QoQ to 27.4%, for H1FY24 EBITDA margin contracted 160 bps to 26.8%. The quarterly YoY decline in margin is due to a slight increase in other
expenses and employee costs.
• PAT declined 2.1% YoY but grew 5.4% QoQ to INR 407 Mn, this YoY decline was due to an increase in finance cost, tax expense and depreciation which was partially
offset by an increase in other while PAT margin contracted 21 bps YoY but expanded 38 bps QoQ to 10.4% while for H1FY24, PAT declined 2.5% YoY to INR 793 Mn while
PAT margin declined 85 bps YoY to 10.2%.

MARKET DATA KEY FINANCIALS

INR Millions FY21 FY22 FY23 FY24E FY25E
Shares outs (Mn) 108
Revenue 8,109 10,738 16,019 17,060 21,641
Equity Cap (INR Mn) 24,391
EBITDA 1,938 3,048 4,314 4,651 6,015
Mkt Cap (INR Mn) 1,00,185
EBITDA margin (%) 24% 28% 27% 27% 28%
52 Wk H/L (INR) 1,234/570 PAT 703 1,522 2,168 2,446 3,419

Volume Avg (3m K) 208 PAT margin (%) 8.7% 14.2% 13.5% 14.3% 15.8%

Face Value (INR) 10 EPS 8.6 15.2 20.9 19.1 27.7

Bloomberg Code ANURAS IN P/E (x) 108.9x 61.3x 44.6x 48.9x 33.6x

Source: Company, KRChoksey Research

Muted quarter due to subdued demand on the end customer side

SHARE PRICE PERFORMANCE
For Q2FY24, ANURAS revenue declined marginally by 0.2% YoY but increased by 1.5% QoQ to INR 3,921 Mn while for
250 H1FY24, the revenue increased by 5.7% YoY to INR 7,785 Mn. This muted quarterly performance was due to a lack of
demand from major clients in the export market and it is expected there will be an increased demand for the
200 upcoming two quarters (H2FY24E), resulting in sales figures for the second half of the year being expected to align
150 closely with those of the previous year. In Q2FY24, domestic revenue contributed 45.0% of the total revenue and
export contributed 55.0% of the total revenue. The top 10 customers contributed 83.0% of the total revenue and
100 there is a total of 24 products that ANURAS provide to them. On the product portfolio, 70.0% to 75.0% is a mix of
50 patented and recently off-patented and the remaining 25.0% is generic products. Even in generic ANURAS works
primarily with innovators which gives visibility in revenue and margins. The revenue growth for their CSM business
0 depends on end customer demand rather than general market conditions therefore upcoming quarters are
Jun-23
Apr-21

Nov-23
Dec-21

May-22

Sep-22
Aug-21

Feb-23

expected to do well coupled with the launch of new molecules.

Dip in the profitability margins due to a slight increase in other expenses and employee costs
Gross margin for the quarter contracted 29 bps YoY and expanded 74 bps QoQ to 58.6%, this marginal contraction is
Anupam Rasayan India due to a decline in raw material cost passed on to customers, while for H1FY24, gross margin contracted 118 bps
YoY to 58.2%. EBITDA declined 3.0% YoY but grew 6.0% QoQ to INR 1,075 Mn, for H1FY24 EBITDA declined marginally
Sensex by 0.2% to INR 2,089 Mn. EBITDA margin contracted 80 bps YoY but expanded 116 bps QoQ to 27.4%, for H1FY24.
EBITDA margin contracted 160 bps to 26.8%. The quarterly YoY decline in margin is due to a slight increase in other
expenses and employee costs. The EBITDA margin guidance for the next two years is around 26.0% to 28.0% on a
MARKET INFO
standalone basis, though ANURAS has reached 29.0% historically, the management wants to be conservative. In
Q2FY24, 3 new molecules were commercialized taking a total of 5 new molecules commercialized in H1FY24. Of the
SENSEX 65,930 total 3 molecules launched in Q2FY24, 1 molecule is from the fluorination series and 1 molecule is from signed LOIs
and contracts. It is expected total of 10 new molecules to be launched in FY24.
NIFTY 19,783

SHARE HOLDING PATTERN (%)

Particulars Sep-23 (%) Jun-23 (%) Mar-23 (%)

16.2% 25.6%
Promoters 60.7 60.8 60.8

FIIs 10.3 9.8 8.5

DIIs 1.8 3.7 5.0

Others 27.2 25.7 25.7 Revenue CAGR between FY23 PAT CAGR between FY23 and
Total 100.0 100.0 100.0 and FY25E FY25E

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
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 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Anupam Rasayan India Ltd.

Key Concall Highlights:
• The Agrochemical sector facing challenges such as oversupply from China and excess inventory causing pricing pressures.
• Agrochemical companies in the generic chemical segment worldwide are affected by pricing pressures.
• Anticipating price stabilization and inventory adjustment by the end of CY23E and strengthened demand is predicted for CY24E.
• In Q2FY24, ANURAS launched three molecules which totals to five molecules so far in the current financial year.
• This expansion increases the Company’s product portfolio to 58, inclusive of an additional five molecules scheduled for launch within the next two quarters.
• By the end of Q2FY24, confirmed LOIs and signed contracts amount to INR 76,690 Mn providing the Company with a robust and clear outlook for the upcoming years.
• During H1FY24, increased sales to major strategic global customers, along with domestic sales, resulted in heightened stress related to debtor costs. This was due to a
longer debtor cycle in domestic sales.
• The Company anticipates a return of working capital to normalcy at around 220 days in the following two quarters. The confidence stems from October's collections,
which indicate a positive trajectory towards achieving this normalization.
• Mr. Gopal Agrawal joined the Company as CEO.
• The proposed capital expenditure stands at around INR 6,700 Mn. As of Q2FY24, a total of INR 2,340 Mn has been utilized.
• With cash equivalents amounting to INR 4,040 Mn by the end of Q2FY24, and considering the anticipated cash generation in the upcoming quarters, it will adequately
cover the planned capital expenditures.
• The company's promoters participated in the recent capital infusion announcement of INR 5,500 Mn through a preferential issuance; the principal purpose of these
funds is to pay down the company's long-term debt. This deliberate debt reduction will lower interest costs, increasing EPS.

Valuation and view:

The Company experienced muted revenue growth in this quarter because of a lack of demand from major clients in the export market and it is expected that there will be
increased demand in the upcoming two quarters (H2FY24E) and sales will be aligned with the previous year. Profitability margins had a slight dip due to an increase in
operating expenses, where the guidance for EBITDA is around 26.0%-28.0%. Currently, the stock is trading at PE multiples of 48.9x/33.6x based on FY24E/FY25E EPS
estimates, respectively. We estimate that the revenue will grow at 16.2% CAGR over FY23-FY25E and PAT will grow at 25.6% CAGR over FY23-FY25E with the pickup in the
sales for the upcoming quarters and the Company can maintain a stable profitability margin. We have declined FY25E EPS by 20.4% from previous estimates as there
was a drop in the margins in the current quarter, We arrive at a target price of INR 990/share (P/E multiple of 35.7x to FY25E EPS) and downgrade our rating to
ACCUMULATE from BUY to factor the decline in EPS and the stock will provide an upside of 6.1%.

Q2FY24 Analysis
Particulars (INR Mn) Q2FY24 Q1FY24 Q2FY23 QoQ Y oY H1FY24 H1FY23 YoY
Revenue from Operations 3,921 3,864 3,928 1.5% -0.2% 7,785 7,364 5.7%

Total Expenditure 2,847 2,850 2,820 -0.1% 0.9% 5,696 5,270 8.1%

Cost of Raw Materials 1,872 2,298 1,833 -18.5% 2.1% 4,170 3,917.9 6.4%

Purchase of Stock 0 0 0 NA NA 0 0.0 NA

Changes in Inventories -247 -667 -217 -63.0% 14.0% -914 -925.3 -1.2%

Employee Cost 185 186 181 -0.6% 2.4% 371 324.3 14.4%

Other Expenses 1,036 1,033 1,023 0.3% 1.3% 2,070 1,953.5 6.0%

EBITDA 1,075 1,014 1,108 6.0% -3.0% 2,089 2,094 -0.2%

EBITDA Margin (%) 27.4% 26.2% 28.2% 116 bps -80 bps 26.8% 28.4% -160 bps

Depreciation 198 187 177 6.3% 12.0% 385 340.7 13.1%

EBIT 876 827 931 5.9% -5.9% 1,704 1,753 -2.8%

Other Income 35 124 -96 -72.0% NA 158 -189.8 -183.4%

Interest Expense 204 178 160 14.7% 27.5% 382 282.4 35.4%

Share of Associates 0 0 0 NA NA 0 14.5 NA

PBT before Exceptional 707 773 674 -8.6% 4.8% 1,480 1,296 14.2%

Exceptional Items 0 0 0 NA NA 0.0 0.0 NA

PBT 707 773 674 -8.6% 4.8% 1,480 1,296 14.2%

Tax 220 250 196 -12.3% 12.1% 470 398 18.3%

Minority interest 80 136 62 -41.3% NA 216.6 85.2 NA

PAT 407 386 416 5.4% -2.1% 793 813 -2.5%

PAT Margin (%) 10.4% 10.0% 10.6% 38 bps -21 bps 10.2% 11.0% -85 bps

EPS 3.8 3.6 4.1 5.4% -8.7% 7.4 8.3 -11.5%

Adj. PAT 407 386 416 5.4% -2.1% 792.9 812.8 -2.5%

Adj. PAT Margin (%) 10.4% 10.0% 10.6% 38 bps -21 bps 10.2% 11.0% -85 bps

Adj. EPS 3.8 3.6 4.1 5.4% -8.7% 7.4 8.3 -11.5%
Source: Company, KRChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
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 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Anupam Rasayan India Ltd.

QUARTERLY PERFORMANCE IN CHART

Revenue Segment Performance

Muted revenue growth with decline of 0.2% YoY in Q2FY24

58% 10%
51% 10% 18% 8% 13%
44%

12%
4,800 90% 92% 90%
3,928 3,827 -0.2% 82% 87%
3,864
3,921

Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24

Revenue YoY Growth (%) Life Science Other Specialty Chemicals

Source: Company, KRChoksey Research Source: Company, KRChoksey Research

Net Profit and Margin Performance

Sligh dip in YoY EBITDA margin due to increase in operating expenses

12% 12%
28% 11%
10% 10%
27%
27%
26%

24%

1,108 1,019 1,173 1,014 1,075 478 429 567 386 407

Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24

EBITDA EBITDA Margin (%) Net Profit Net Margin (%)

Source: Company, KRChoksey Research Source: Company, KRChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
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 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Anupam Rasayan India Ltd.

KEY FINANCIALS
Exhibit 1: Profit & Loss Statement
INR Millions FY21 FY22 FY23 FY24E FY25E
Revenues 8,109 10,738 16,019 17,060 21,641
COGS 3,390 3,699 7,036 7,099 8,873
Gross profit 4,719 7,039 8,983 9,960 12,768
Employee cost 324 485 689 789 910
Other expenses 2,457 3,506 3,981 4,521 5,843
EBITDA 1,938 3,048 4,314 4,651 6,015
Depreciation & amortization 517 601 711 845 959
EBIT 1,421 2,447 3,603 3,806 5,055
Interest expense 685 308 627 669 592
Other income 264 73 86 256 65
PBT 1,421 2,447 3,603 3,806 5,055
Tax 297 697 908 946 1,110
PAT 703 1,522 2,168 2,446 3,419
EPS (INR) 8.6 15.2 20.9 19.1 27.7
Source: Company, KRChoksey Research

Exhibit 2: Cash Flow Statement

INR Millions FY21 FY22 FY23 FY24E FY25E

Operating Cash Flow 15 (1,712) 2,921 4,622 4,046

Investing Cash Flow (1,931) (4,120) (5,227) (2,656) (2,169)

Financing Cash Flow 4,158 3,844 3,706 (1,583) (758)

Net Inc/Dec in cash equivalents 2,241 (1,988) 1,401 383 1,119
Opening Balance 170 2,412 478 1,878 2,261
Adj 545 1,673 3,765 3,765 3,765
Closing Balance Cash and Cash Eq. 2,957 2,097 5,643 6,026 7,144
Source: Company, KRChoksey Research

Key Ratio FY21 FY22 FY23 FY24E FY25E

EBITDA Margin (%) 23.9% 28.4% 26.9% 27.3% 27.8%
Net Profit Margin (%) 8.7% 14.2% 13.5% 14.3% 15.8%
RoE (%) 4.5% 8.8% 9.1% 9.5% 11.9%
RoA (%) 3.1% 5.3% 5.7% 6.3% 7.8%
RoCE (%) 7.8% 11.0% 13.2% 13.0% 15.6%
Debt/Equity 0.2x 0.5x 0.3x 0.3x 0.2x
Source: Company, KRChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
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 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Anupam Rasayan India Ltd.

Exhibit 4: Balance Sheet
INR Millions FY21 FY22 FY23 FY24E FY25E
Property, plant and equipment 10,656 11,467 12,382 14,266 15,471
Right-of-use assets / CWIP / other intangibles 927 993 1,762 1,688 1,693
Goodwill 0 0 1,232 1,232 1,232
Other non current assets 1,463 2,916 3,295 3,509 4,451
Inventories 4,922 8,632 9,315 8,608 9,117
Trade receivables 2,055 2,801 4,151 3,791 4,508
Cash and bank balance 2,957 2,097 5,643 6,026 7,144
TOTAL ASSETS 22,980 28,905 37,779 39,120 43,617

Total equity 15,734 17,269 23,726 25,776 28,759

Non Controlling Equity 0 0 1,355 1,751 2,186
Borrowings 3,869 7,959 7,876 6,962 6,796
Other non-current liability 1,381 1,401 1,597 1,701 2,157
Trade payables 1,996 2,278 3,226 2,931 3,717
TOTAL EQUITY AND LIABILITIES 22,980 28,905 37,779 39,120 43,617
Source: Company, KRChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q2FY24 II 22nd November 2023

Anupam Rasayan India Ltd.

Anupam Rasayan India Ltd Rating Legend (Expected over a 12-month period)

CMP Our Rating Upside

Date TP (INR) Recommendation
(INR)
Buy More than 15%
22-Nov-23 932 990 ACCUMULATE

28-Aug-23 1012 1166 BUY Accumulate 5% – 15%

05-May-23 1093 1326 BUY

Hold 0 – 5%
03-Feb-23 576 839 BUY
Reduce -5% – 0
26-Jul-22 793 941 BUY

11-Jul-22 621 780 BUY Sell Less than – 5%

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Unnati Jadhav, [email protected], +91-22-6696 5420 is also available on Bloomberg KRCS<GO>
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