Gulshan Polyols Limited · NSE:GULPOLY
Gulshan Polyols — Q1 FY23 Earnings Presentation
51 slides from Gulshan Polyols's earnings presentation, Aug 9, 2022
Slide 1: Outcome of Board Meeting letter
Gulshan Polyols Limitad tc) CIN : 12423 t UP2000P1C034918 Corporate Office: G-81, Preet Vihar, Delhi-110092, lndia Phone: +91 11 49999200 GPL\SECU022.23 GULSHAN POLYOLS TIMITED Fax: +91 11 49999202 E-mail : gscldelhi@gulshanindia.com August 9,2022 Website: www.gulshanindia.com To, BSE Limited The Na
Slide 2: Outcome of Board Meeting (continued)
ffimtJli#':rii:'H;1""i?I]'|,:[,#:'"0 Review Reporr issued bv M/s Rajeev Singar & co, The meeting of the Board of Directors commenced at 4.15 p.M and concluded at g.05 p.M. A copy of earning update and investor presentation are also enclosed with Results. This is for your information and records. Tha
Slide 3: Limited Review Report
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Slide 4: Statement of Unaudited Financial Results, June 30, 2022
GULSHAN POLYOLS LIMITED CtN: L24231 Up2000pLC03491 8 Regd. Off.: 9h K.M., Jansath Road, Muzaffarnagar, U.p. .2SlO01 Corp. Off: c-Bl, preet Vihar, Detht-,llOO92 Tel. No.:0,t149999200, Fax No.: 011-49999202 Webslta: www.gulshanlndla.com Emall: ca@gulshanlndla.com Statement of Un-Audlted Flnanclal Resu
Slide 5: Segment wise revenue, results, assets and liabilities
SEGMENT WSE REVENUE,RESULTS,ASSETS AND LIAB lFl. ln I rkhcl rll UntlOltBU Alidll8d Reiuft: UfleUUlb.(! Ag{.|"!ed,Re3utts floiults tol tha for thb Quarter nieulte tol {la f.'$lllhqiYeer:;:, Pdrtisul.rr QilarJst rndod ended Quarier indeu :;;:;;t,::ohdod 30-06-2022 31-03-2022 30{6.2021 31.03.2022 'l Se
Slide 6: Q1 FY23 – Earnings Update
CIN: L24231UP2000PLC034918 Registered Office: Gulshan Polyols Limited 9th K.M., Jansath Road, Muzaffanagar - 251001, Uttar Pradesh Revenue from Operations reported at INR 2,701.8 Mn in Q1 FY23 EBITDA stands at INR 217.8 Mn in Q1 FY23 PAT at INR 101.9 Mn in Q1 FY23 Q1 FY23 – Earnings Update Delhi, 9t
Slide 7: Financial Performance Comparison – Q1 FY23 v/s Q1 FY22
Other comprehensive profit / loss (0.1) 0.0 (1.9) Net PAT 102.0 261.6 (61.0%) 118.5 (14.0%) PAT Margin % 3.8% 10.9% 4.0% Diluted EPS 2.0 5.3 (62.9%) 2.2 (12.5%) *EBITDA includes other income Financial Performance Comparison – Q1 FY23 v/s Q1 FY22: Revenue from Operations grew by healthy 13.3% from
Slide 8: Company participated in Paperex exhibition
The Company participated in the 15th exhibition of “Paperex”. Paperex, an international exhibition and conference on pulp, paper and allied industries, was conducted from 10 th to 13th May, 2022 at Greater Noida, Delhi NCR, India. The Company’s stall was a one stop shop for online PCC/WGCC fillers
Slide 9: Management commentary on ethanol and mineral segments
Our Ethanol manufacturing facility is running at an elevated capacity utilization of >100% owing to secular demand for ethanol as per the government’s EBPP. We are also happy to share that we are on track in executing our capex plans for setting up of ethanol plant of 500 KLPD (expected to commence
Slide 10: About Gulshan Polyols Limited
About Gulshan Polyols Limited: Gulshan Polyols Limited ("Gulshan") is a multi-location, multi-product manufacturing company with global presence in 35 countries, across 3 continents. The company features three main business segments namely, Grain Processing, Ethanol Distillery & Mineral Processing.
Slide 11: Gulshan Polyols Limited – Expanding Potential
GULSHAN POLYOLS LIMITED Expanding Potential Investor Presentation August, 2022.
Slide 12: Safe harbour
Safe harbour Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political, or economic developments, technological risks, and many other factors that could cause our act
Slide 13: From the desk of the Chairman
From the desk of the Chairman.... We are encouraged to witness revival in demand and consumption across markets. In sync with revival in demand, we increased production in a staggered manner across our production facilities. Gulshan has marked impeccable growth and achieved many admirable wins and m
Slide 14: Vision and Mission
VISION Achieve, Expand, Innovate, Evolve MISSION To be a profitable, efficient and customer focused organization, recognized as a leading supplier of quality products and services. Investor Presentation August, 2022. 04
Slide 15: Company Overview
Company Overview Gulshan Polyols Limited Gulshan's product portfolio ("Gulshan") is a multi-location, comprises of starch sugars and multi-product manufacturing native starches, calcium company with global presence carbonate; agro based animal in 35+ countries, across various feed, alcohol business
Slide 16: Quarterly Performance at a glance
Quarterly Performance at a glance Revenue from Operations EBITDA EBITDA% PAT INR Mn INR Mn INR Mn INR Mn 3000 500 20 300 2,922.27 250 18.20% 18.20% 2500 2,701.83 435.30 400 261.62 15 2,385.55 2000 200 300 1500 10 150 260.04 8.90% 200 217.83 8.90% 8.05% 8.05% 1000 100 116.68 101.86 5 100 500 50 0 0 0
Slide 17: Financial Snapshot
Financial Snapshot Revenue from Operations EBITDA EBITDA Margin PAT INR Mn INR Mn INR Mn 12000 2000 20 1000 11,007.26 17.31% 852.49 10000 800 15 1,521.65 1500 13.80% 8000 1,330.41 621.17 7,660.34 600 11.23% 6000 6,207.98 1000 10 400 4000 698.23 205.84 500 5 200 2000 0 0 0 0 FY22 FY21 FY20 FY22 FY21
Slide 18: Leadership pool
Leadership pool Dr. Chandra Kumar Jain Mrs. Arushi Jain Mrs. Aditi Pasari Mr. Ashwani Kumar Vats Mr. Rajiv Gupta Chairman & MD Joint Managing Director Joint Managing Director CEO & Whole TIme Director Chief Financial Officer Gulshan Polyols Ltd. is Mrs. Arushi Jain is MS in Mrs. Aditi Pasari is MBA
Slide 19: Our journey so far
Our journey so far... Increased Increased Incorporated capacity of capacity of Incorporation as Gulshan Calcium Calcium of Gulshan Sugars and Carbonate Carbonate Polyols Chemicals from 10,500 from 22,500 Limited by Limited MT to 22,500 MT to 32,000 demerger of (GSCL). MT. MT. GSCL. 1981 1984 1989 19
Slide 20: Our journey so far (contd)
Contd... Set up an Alcohol plant at Borgaon, Madhya Pradesh. Set up another Starch Sugar unit at Muzaffarnagar for Dextrose Monohydrate, Malto Dextrin, Liquid Set up PCC Set up CC Glucose, Glucose Powder, FPO plant at Ponta plant at Abu using rice as raw material. by Sahib. Road. Set up third On-sit
Slide 21: Our journey so far (contd)
Contd... Setup Native Set up onsite New plant Starch Plant at plant in setup for Muzaffarnagar, Silverstone Ethanol Uttar Pradesh Muzaffarnagar, production at using corn as Uttar Pradesh. Assam. raw material. 2016 2017 2018 2019 2021 2022 Started Fructose Started Ethanol Signed long-term Plant in Pr
Slide 22: Our geographical presence
Our geographical presence Registered Office : Muzaffarnagar Corporate Headquarters : Delhi Muzaffarnagar Marketing Office : Mumbai MANUFACTURING UNITS Grain Processing Units : Gujarat, Uttar Pradesh Ethanol Production Units : Madhya Pradesh, Assam Mineral Processing Units : Uttar Pradesh, Himachal P
Slide 23: Exporting to 35+ countries
Exporting to 35+ countries scattered over 5 continents Asia Africa Afghanistan Abidjan Bangladesh Cameroon Indonesia Congo (DRC) Iraq Senegal Iran Egypt Jordan Ghana Malaysia Kenya Myanmar Nigeria Nepal South Africa Pakistan Sudan Saudi Arabia Tanzania Sri Lanka Tunisia South Syria North America Tha
Slide 24: Segmental overview
Segmental overview Grain Processing Mineral Processing Ethanol Investor Presentation August, 2022. 14
Slide 25: Financial performance across Business segment
Financial performance across Business segment (INR MN) FISCAL FY22 FY21 Particulars Grain Ethanol Mineral Grain Ethanol Mineral Processing Processing Processing Processing Revenue From operations 8,091.53 1,972.93 940.96 5,408.06 1,326.96 923.75 Segment profits 814.08 245.33 127.86 663.10 157.93 172
Slide 26: Revenue contribution by key products
Revenue 155.78 contribution 2% 891.59 12% 28% 2,128.73 271.86 4% by key Revenue in FY21 % of total products 15% (MN ₹) Revenue 1,182.02 17% 1,328.94 811.85 11% 889.58 12% Sorbitol 192.71 2% 1,370.98 Fructose & Sweetner 12% 23% 2,568.74 274.24 2% Starch Calcium Carbonate Revenue % of total By Product
Slide 27: Grain Processing Segment Overview
GRAIN PROCESSING SEGMENT OVERVIEW
Slide 28: Grain processing overview
Grain processing Overview BUSINESS END USE SEGMENT INPUT OUTPUT INDUSTRIES The company supplies to • Maize Starch Powder leading manufacturers of :- CORN / MAIZE • Animal Feed Oral Care, Paints • Sorbitol 70% solution Animal feed • Liquid Glucose The company supplies to GRAIN leading manufacturers o
Slide 29: Capacity utilization trend
Capacity utilization trend FY20 FY21 FY22 Q1FY23 Sorbitol (Bharuch) Installed Capacity (MT) 72,000 72,000 72,000 18,000 Capacity utilization (MT) 54,000 56,378 64,214 16,248 Capacity utilization (%) 75% 78% 89% 90% Starch (Muzaffarnagar) Installed Capacity (MT) 73,800 73,800 73,800 18,450 Capacity u
Slide 30: Highlights of the Grain Processing Segment
Highlights of the Grain Processing Segment 2 facilities with a Facilities with strong Maize starch, the Fructose syrup is combined capacity of quality checks, R&D second major product another major product 1,81,800 MTPA for Department and after sorbitol, is used in this segment, which producing star
Slide 31: Ethanol Segment Overview
Se ara ETHANOL SEGMENT OVERVIEW Y ale
Slide 32: Ethanol segment overview
Ethanol segment overview BUSINESS END USE SEGMENT INPUT OUTPUT INDUSTRIES The company has Ethanol (bio-fuel) agreements with DAMAGED Country Liquor Ethanol OMCs, Reliance and Nyara FOOD GRAIN Grain-based ENA Energy for EBPP, DDGS Liquor, Animal Feed Capacity utilization trend FY20 FY21 FY22 Q1FY23 E
Slide 33: Key highlights of ethanol segment
Key highlights of ethanol segment 20% ethanol One of the first KLPD and 750 Have entered blending target and pioneer in KLPD in into 10 year from current ~ producing development. long offtake 9.5% gives ethanol from Facility agreement immense damaged grains. backed by with OMCs for opportunity for C
Slide 34: Prospect of Ethanol Segment
© GULSHAN POLYOLS LIMITED PROSPECT OF ETHANOL SEGMENT
Slide 35: Current ethanol blending levels
Current ethanol blending levels 9.9% 10 Ethanol Procrement by OMC’s (in crore litres) Blending in Petrol achieved % 8.0% 8 2 9% GR 6 CA 5.0% 5.1% 4.2% 4 3.5% 2.33% 2.1% 2 1.53% 0 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 OMC have finalized tenders for 428.56 Cr. Litres
Slide 36: The journey to 20% ethanol blending creates growth opportunity
The journey to 20% ethanol blending creates massive growth opportunity 15000 Sugar Based Ethanol 15000 Sugar Based Ethanol 12000 Sugar Based Ethanol Grain Based Ethanol Grain Based Ethanol Grain Based Ethanol 10000 12000 12000 8000 7600 7400 7300 7000 7250 4500 9000 9000 5500 4380 5500 4660 6840 666
Slide 37: Multiple benefits to the government and society
Multiple benefits to the government and society We are positive about the multifold growth of Ethanol in India Import Substitution: Blending crude oil with ethanol would reduce Sustainable Consumption: import dependency and improve Balance of Ethanol as a bio-fuel contributes to Payments reduction i
Slide 38: Very supportive government policies favouring investment
Very supportive governement policies favouring investment Recent interventions by both the Central Government and the State Government reflect a gradual shift towards sustainable blending of ethanol which augurs well for the industry. Presently, 14 states allow unrestricted interstate movement of et
Slide 39: Subsidies provided by state governments
Subsidies provided by state governments MADHYA PRADESH Sr. No. Kind of Concession Concession sought by the Company (Rs.) 1 Production LinkedFiscal Assistance @ 1.50 Per Litre for 7 Years 1,73,25,00,000 2 One-time reimbursementon Stamp Duty and Registration Charges 44,04,000 3 Electricity duty exempt
Slide 40: Mineral Processing Segment Overview
MINERAL PROCESSING SEGMENT OVERVIEW
Slide 41: Mineral processing segment overview
Mineral processing segment overview Business Segment Input Output End Use Industries Mineral Processing Lime Stone Precipitated Calcium Carbonate The company supplies to leading Activated Calcium Carbonate manufacturers in the sector of Wet Ground Calcium Carbonate Paints, Polymers, Plastics & PVC f
Slide 42: Key highlights of mineral processing segment
Key highlights of mineral processing segment Gulshan’s manufacturing facilities have an integrated combined capacity of producing more than 170,400 MTPA of calcium carbonate products. Gulshan’s dedicated manufacturing facilities are equipped with in-house microbiology laboratory and state-of-the-art
Slide 43: On-Site PCC / WGCC Plants
On-Site PCC / WGCC Plants One of the largest calcium carbonate manufacturers, with one of a Kind On Site PCC Plant and Expertise in commissioning WGCC plants within and outside India.. Company provides the raw materials and expertise to set up and maintain an on-site PCC plant. This reduces energy c
Slide 44: Capex update
Capex update Gulshan is looking at a total BUILDING CAPACITIES FOR THE ETHANOL SEGMENT capex of INR 4,500 MN over the next 12 months, out of The Company has embarked on a humungous capex plan to build which INR 3,000 MN will be two plants dedicated to the production of Ethanol for the required to se
Slide 45: Industry outlook
Industry outlook Company will be able to achieve good financial performance owing to structural industry tailwinds in the sectors that we operate. Segment wise industrial growth opportunities are as follows: Grain Processing Ethanol Production The India sorbitol market is a very dynamic market and i
Slide 46: Quarterly profit & loss statement
Quarterly profit & loss statement Particulars (INR Mn) Q1 FY23 Q1 FY22 YoY% Q4 FY22 QoQ% Financial Performance Comparison: Revenue from Operations 2,701.83 2,385.55 13.26% 2,922.27 -7.54% Q1 FY23 vs Q1 FY22 Other Income 4.68 4.15 11.02 Revenue from Operations grew by healthy Total Revenue 2,706.50 2
Slide 47: Management guidance/ financial outlook
Management guidance/ financial outlook Management is expecting a The company is expected to With the addition of capacities in revenue of ~ ₹ 2,300 crores have an EBITDA margin of ~ the ethanol segment, the by FY24 and ₹ 2,800 crores 13% to 14% over FY 23 & FY revenue mix will change. by FY25 on bac
Slide 48: Capital market information
Capital market information Shareholding Pattern as on 3Oth June, 2022 Stock Performance Of Last One Year Particulars Share Price Movement Promoter and Promoter Group 66.65% 400.0 Public 29.29% Mutual Funds & FPIs 3.84% 350.0 Employee Trust 0.23% 300.0 TOTAL 100.00% 250.0 Market Indicators 200.0 Issu
Slide 49: CSR
CSR Gulshan Polyols Ltd. actively contributes to the social and economic development of the communities in which the company operates. In so doing Gulshan build a better, sustainable way of life for the weaker sections of society and raise the country's human development index. Gulshan have always c
Slide 50: Awards & certifications
Awards & certifications Investor Presentation August, 2022. 40
Slide 51: Thank You
THANK YOU For further information on the Company, please visit www.gulshanindia.com Krunal Shah | Naman Maheshwari Asha Mittal Captive IR Strategic Advisors Pvt. Ltd. Gulshan Polyols Limited Email: krunal@cap-ir.com / Contact: +91 11 49999200 naman@cap-ir.com Email: cs@gulshanindia.com Contact: +91