Dharmaj Crop Guard Ltd. · NSE:DHARMAJ
Dharmaj Crop Guard — FY2024 Earnings Presentation
38 slides from Dharmaj Crop Guard's earnings presentation, May 2024
Slide 1: Limitless Growth
Limitless Growth NSE: DHARMAJ | BSE: 543687 Dharmaj Crop Guard Limited BLOOMBERG: DHARMAJ:IN FY24 Investor Presentation | May 2024
Slide 2: Inside
Inside Quarterly Financial Introduction to Unique Business Key Annual Financial Highlights Dharmaj Model Positioning Takeaways Highlights 02 07 14 30 32
Slide 3: Performance Highlights (Q4)
Performance Highlights (Q4) 3 Dharmaj Crop Guard Limited | Investor Presentation Q2 & H1FY24 FINANCIAL HIGHLIGHTS Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin (₹ Mn) (₹ Mn & %) (₹ Mn & %) 69% YOY -102% YOY -371% YOY 7 % 1 0 1,234 9% 6% 1,161 1 0 % 1 2 0 6 % 8 0 9 % 5 % 2% 1 0 107
Slide 4: Performance Highlights (12M)
Performance Highlights (12M) 4 Dharmaj Crop Guard Limited | Investor Presentation Q2 & H1FY24 FINANCIAL HIGHLIGHTS Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin (₹ Mn) (₹ Mn & %) (₹ Mn & %) 25% YOY 53% YOY 65% YOY 1 2 % 10% 7 0 8 % 7% 5 0 6,541 8% 4 5 0 7 % 6 0 5% 1 0 % 629 444 4 0
Slide 5: Profit & Loss Summary (Q4 & FY24)
Profit & Loss Summary (Q4 & FY24) 5 Dharmaj Crop Guard Limited | Investor Presentation FY24 (₹ Mn) Particulars Q4FY23 Q3FY24 Q4FY24 YoY Change FY23 FY24 YoY Change Revenue from Operations 688 1,234 1,161 69% 5,243 6,541 25% Total Income 719 1,237 1,162 62% 5,288 6,575 24% Gross Profit 114 265 223 96
Slide 6: Management Commentary
Management Commentary 6 Dharmaj Crop Guard Limited | Investor Presentation FY24 “ I am pleased to update you on the company's performance in Q4 and FY24. Despite facing several external headwinds, including a late season start in April, lower rains in August, and challenges on the export front contr
Slide 7: Inside
Inside . Quarterly Financial Introduction to Unique Business Key Annual Financial Highlights Dharmaj Model Positioning Takeaways Highlights 02 07 14 30 32
Slide 8: Executive summary
Executive summary 8 Dharmaj Crop Guard Limited | Investor Presentation FY24 One of the fastest growing Capital efficient Recent backward Reaching a agrochemicals player business model integration marks meaningful size 36% 5Y Revenue CAGR 28% 5Y Average ROCE presence across to capture next value-chai
Slide 9: Company overview
Company overview 9 Dharmaj Crop Guard Limited | Investor Presentation FY24 Incorporated in 2015 by Operations across agrochemical multi-decade experienced formulations & active ingredients, verticals: industry professionals • Branded Formulations (B2C) (1st gen. promoters with • Institutional Formul
Slide 10: Company in numbers
Company in numbers 10 Dharmaj Crop Guard Limited | Investor Presentation FY24 Domestic Presence Institutional Base Manufacturing Infrastructure Product Registrations Others 15,000+ 700+ 8,000 MT 535 580+ Retail touchpoints Customer base Technicals & Total Product Team Strength Intermediates Capacity
Slide 11: Establish. Build. Expand.
Establish. Build. Expand. 11 Dharmaj Crop Guard Limited | Investor Presentation FY24 Build (2018-21) Expand Formulations Business. Begin Move Towards Active Ingredients. h (2 02 Ex lis ) pa Begin Public Health Vertical. 2 an n ab -17 d be d st E (20 15 Incorporate, Build Assets & Processes. Focus 20
Slide 12: Board of Directors
Board of 12 25+ years Of average promoter and Dharmaj Crop Guard Limited | Investor Presentation FY24 Directors 1 Mr. Rameshbhai management expertise Ravajibhai Talavia Chairman and Managing Director 1 • Possesses nearly 3 decades of 4 • Possesses over 3 decades experience in the of experience in th
Slide 13: Management Team
Management 13 Dharmaj Crop Guard Limited | Investor Presentation FY24 Team 1 Work Experience: 5 Work Experience: 31+ years 5 Mr. Hitesh Patel 20+ years Ex: Coromandel Vice President Ex: BASF India, International, – Marketing Monsanto India, Bayer Crop Life Science Crop Science, SML Group 2 Work Expe
Slide 14: Inside
Inside Quarterly Financial Introduction to Unique Business Annual Financial Quarterly Performance Highlights Dharmaj Model Positioning Highlights Highlights 02 07 14 30 32
Slide 15: Presence across the value chain
Presence across the value chain 15 Dharmaj Crop Guard Limited | Investor Presentation FY24 Active Ingredients Formulations Marketing: Manufacturing Manufacturing B2C & B2B 8,000 TPA Capacity 25,500 TPA Capacity B2C: Growing pan-India distribution on-stream since (expanded last in FY22) network spann
Slide 16: Business model: pursuing growth on all fronts
Business model: pursuing growth on all fronts 16 Dharmaj Crop Guard Limited | Investor Presentation FY24 SIZE REVENUE CONTRIBUTION PROFITABILITY PROFILE GROWTH TREND GEOGRAPHY Formulations GPM Branded Domestic branded Branded Formulations 5Y business across ₹1,688 mn 30-35% Revenue 26% 29% 24 EBITDA
Slide 17: Branded formulations (1/5)
Branded formulations (1/5) 17 Distribution built Dharmaj Crop Guard Limited | Investor Presentation FY24 in last 9 years Entering 2 new states on an average each 15,000+ 5,000+ Initial strategy Retail Dealers & 1 year since incorporation, following a touchpoints Distributors clustered geographical e
Slide 18: Branded formulations (2/5)
Growing Thrust On Advertisement Branded formulations (2/5) 18 & Sales Promotion Expenditure Dharmaj Crop Guard Limited | Investor Presentation FY24 (₹ Mn) Advertisement Expenditure Sales Promotion Expenditure Aggressive demand generation & brand building 53.5 Proactive with on-ground demand generati
Slide 19: Product Innovation Index
Product Innovation Index Contribution from Newly Launched Products (CY & PY launches) & New Product Launches Robust brand portfolio Ve ~~ 4 _ (% and #) { 121+ } 350+ | 1 Recent Product Additions |) Top Selling Brands \Prodacts / \_ SKUs _/ > SiteGanitrtem GR Launches 19% 12% Reo Rel (Ae2 Pies ee > N
Slide 20: Branded formulations (4/5)
Branded formulations (4/5) 20 Future Focus Areas Dharmaj Crop Guard Limited | Investor Presentation FY24 Strengthening position Clustered expansion is existing markets • Establishing ourselves amongst top 5 branded players 2016 (by sales) in Gujarat • Working to replicate this across 2018 other stat
Slide 21: Branded formulations (5/5)
Branded formulations (5/5) 21 Dharmaj Crop Guard Limited | Investor Presentation FY24 • Robust Completely digital 1 3 ERP systems interaction with • Ongoing & continuous distribution network: digitalisation efforts • Placing orders • Invoicing • Working on automation • Account statements & Leveragin
Slide 22: Institutional formulations (1/3)
Institutional formulations (1/3) 22 Domestic Formulation Sales Trend Dharmaj Crop Guard Limited | Investor Presentation FY24 (₹ Mn) 41% 5Y CAGR Institutional formulations business is the 4,242 1 biggest revenue vertical for the Company 3,282 since incorporation 2,326 1,754 Formulations marketed in a
Slide 23: Institutional formulations (2/3)
Institutional formulations (2/3) 23 Dharmaj Crop Guard Limited | Investor Presentation FY24 Our formulations product portfolio Insecticide Herbicides Fungicides Micro-Fertilizers Plant Growth Regulator • Fipronil 40% + Imidacloprid • Paraquate Dichloride Technical • Carbendazim 12% + Mancozeb • Sulp
Slide 24: Institutional formulations (3/3)
Institutional formulations (3/3) 24 Domestic Institutional Dharmaj Crop Guard Limited | Investor Presentation FY24 Backward integration into active ingredients to strengthen cost-competitiveness Future focus areas More engagement with MNC customers with Currently active backward integration, initial
Slide 25: Active Ingredients (1/3)
Active Ingredients (1/3) 25 Dharmaj Crop Guard Limited | Investor Presentation FY24 January 2024 Commissioned the Forayed into Technicals 4 separate production Apr-19 facility on 22nd January & Intermediates blocks: Acquired land 2024 manufacturing through Including a multi-purpose parcel on 99 year
Slide 26: Active Ingredients (2/3)
Active Ingredients (2/3) 26 Dharmaj Crop Guard Limited | Investor Presentation FY24 Manufacturing Capacity Project Financing • Potential ~2-2.5X Fixed Asset 8,000 TPA • Partially from IPO Proceeds: ₹105 Turns at Optimum Capacity Cumulative production capacity Cr Utilization & Product-Mix • 5,500 TPA
Slide 27: Active Ingredients (3/3)
Active Ingredients (3/3) 27 Dharmaj Crop Guard Limited | Investor Presentation FY24 Status: Commissioned on 22 nd January 2024 Land Size Phase-I Phase-II ~37,000 Insecticide Fungicide & other Technicals & Insecticide Sq. Mt. Intermediates Technicals M 1 2 4 B U 3 R R R&D & ADMIN BLOCK B PRODUCTION B
Slide 28: Active Ingredients – Plant Capabilities
Active Ingredients – Plant Capabilities 28 Dharmaj Crop Guard Limited | Investor Presentation FY24 Chemistry Capabilities Reaction Capabilities • Chlorination • Batch Reaction • Alkylation • Chain Reaction • Friedel Crafts • Continuous Process Reaction • Hydrogenation Chemistry Reaction • High Press
Slide 29: Formulation Manufacturing Facility
Formulation Manufacturing Facility 29 Dharmaj Crop Guard Limited | Investor Presentation FY24 Fully integrated 25,500 MT formulation facility Manufacturing Capacity Formulations expertise: LIQUID EC SC CS SL ZC ULV FS EW 51% Blended Capacity Utilisation (FY24) POWDER WP SP WG WDG SG WS DP CG Equippe
Slide 30: Inside
Inside Quarterly Financial Introduction to Unique Business Key Annual Financial Highlights Dharmaj Model Positioning Takeaways Highlights 02 07 14 30 32
Slide 31: Key Takeaways
Key Takeaways Keep up the pace of growth as witnessed in past: double topline every three years, pursue growth in all three business verticals Leverage potential of newly entered states (9 states tapped in last 2 years) in branded formulations, while strengthening position in existing markets Build
Slide 32: Inside
Inside Quarterly Financial Introduction to Unique Business Key Annual Financial Highlights Dharmaj Model Positioning Takeaways Highlights 02 09 12 29 31
Slide 33: Key Performance Indicators
Key Performance Indicators 33 Dharmaj Crop Guard Limited | Investor Presentation FY24 Revenue from Operations EBITDA & EBITDA Margin Cash Conversion Cycle (₹ Mn) (₹ Mn & %) (Days) 35% CAGR 37% CAGR EB I T D A EB I T D A Ma rg i n 7 0 10 11 10 1 2 84 6,541 9 81 8 6 0 1 0 5,243 5 0 51 8 3,942 4 0 48 4
Slide 34: Profit & Loss Summary (5Y)
Profit & Loss Summary (5Y) 34 Dharmaj Crop Guard Limited | Investor Presentation FY24 (₹ Mn) Particulars FY20 FY21 FY22 FY23 FY24 Revenue from Operations 1,982 3,024 3,942 5,243 6,541 Total Income 1,992 3,036 3,963 5,288 6,575 Gross Profit 469 695 856 930 1,348 Gross Profit Margin (%) 24% 23% 22% 18
Slide 35: Balance Sheet Summary (5Y)
Balance Sheet Summary (5Y) 35 Dharmaj Crop Guard Limited | Investor Presentation FY24 (₹ Mn) Particulars FY20 FY21 FY22 FY23 FY24 TOTAL EQUITY 354 563 849 3,152 3,594 Non-Current Liabilities 65 173 280 341 782 Borrowings 51 152 253 335 763 Current Liabilities 506 553 1,067 830 1,257 Borrowings 151 1
Slide 36: Cash Flow Summary (5Y)
Cash Flow Summary (5Y) 36 Dharmaj Crop Guard Limited | Investor Presentation FY24 (₹ Mn) Particulars FY20 FY21 FY22 FY23 FY24 Cash from Operating Activities 20 129 164 (237) 74 Cash from Investing Activities (146) (177) (239) (1,910) (620) Cash from Financing Activities 121 55 75 2,142 572 Net Cash
Slide 37: Shareholding & Market Statistics
Shareholding & Market Statistics 37 Dharmaj Crop Guard Limited | Investor Presentation FY24 NSE Symbol DHARMAJ Public BSE Scrip Code 543687 23.95% IPO Issue Price Band ₹216 to ₹237 Current Market Price ₹232 FII & DII Promoters 52 Week High/Low ₹290 / ₹166 5.65% 70.40% Shares Outstanding 3.38 Cr Mark
Slide 38: Safe Harbour
Safe Harbour This document which have been prepared by Dharmaj Crop Guard Limited (the “Company”), have been prepared solely for information purposes. This document has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no represent