31 slides from Advanced Enzyme Technologies's earnings presentation, May 11, 2024
Slide 1: Exchange filing cover letter for earnings presentation
May 11, 2024 BSE Limited National Stock Exchange of India Limited P. J. Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Mumbai- 400 001 Bandra (E) Mumbai- 400 051 Scrip Code-540025 Trading Symbol-ADVENZYMES Subject: Earnings Presentation Ref: ISIN: INE837H01020 Dea
Slide 2: Advanced Enzyme Technologies Limited Earnings Presentation May 2024
Advanced Enzyme Technologies Limited Earnings Presentation May 2024
Slide 3: Forward-looking statements disclaimer
This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Forward-looking statements are other than statements of historical facts. The words “believe,” “expect,” “anticipate,” “intend,” “e
Slide 4: Agenda
1 2 3 Result Summary Segmental Geographical Q4 FY24 Performance Performance 4 5 6 Result Summary Unique Investment Focus Area Going FY24 Case Ahead 7 Shareholders’ Information
Slide 5: FY24 Result Summary
Revenue (₹ mn) EBITDA (₹ mn) PAT (₹ mn) 6,239 2,045 1,370 5,406 1,564 1,039 FY23 FY24 FY23 FY24 FY23 FY24 • Revenue grew by 15% on y-o-y basis to ₹ 6,239 million in the FY24 from ₹ 5,406 million in the FY23 • EBITDA grew by 31% to ₹ 2,045 million in the FY24 as against ₹ 1,564 million in FY23 on y-o
Slide 6: Q4 FY24 Result Summary (year on year)
Revenue (₹ mn) EBITDA (₹ mn) PAT (₹ mn) 1,578 554 321 299 1,387 441 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 • Revenue grew by 14% on y-o-y basis to ₹ 1,578 million in the Q4 FY24 from ₹ 1,387 million in the Q4 FY23 • EBITDA grew by 26% to ₹ 554 million in the Q4 FY24 as against ₹ 441 million
Slide 7: Q4 FY24 Result Summary (quarter on quarter)
Revenue (₹ mn) EBITDA (₹ mn) PAT (₹ mn) -2% 1,609 554 425 1,578 538 299 Q3 FY24 Q4 FY24 Q3 FY24 Q4 FY24 Q3 FY24 Q4 FY24 • Revenue de-grew by 2% on q-o-q basis to ₹ 1,578 million in the Q4 FY24 from ₹ 1,609 million in the Q3 FY24 • EBITDA grew by 3% to ₹ 554 million in the Q4 FY24 as against ₹ 538 mi
Slide 8: Human Nutrition segment performance
(₹ in Million) Q4 FY24 FY24 1,107 994 1,059 1,024 939 934 865 877 807 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 of Sales of Sales Q4 FY24 1,024 FY24 4,185 Q4 FY23 877 FY23 3,556 Commentary: Commentary: • The human nutrition segment contributed • The human nutrition segm
Slide 9: Animal Nutrition segment performance
(₹ in Million) Q4 FY24 FY24 206 172 175 173 185 152 156 158 162 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 of Sales of Sales Q4 FY24 185 FY24 677 Q4 FY23 206 FY23 709 Commentary: Commentary: • The animal nutrition segment contributed • The animal nutrition segment contri
Slide 10: Industrial Bio-Processing segment performance
(₹ in Million) Q4 FY24 FY24 243 258 226 224 236 776 mn 186 mn 61 mn 188 183 193 192 197 mn Food Non-Food Non-Food Food 13% 03% 13% 03% 16% of Sales 16% of Sales Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY24 258 FY24 962 Q4 FY23 192 FY23 794 Commentary: Commentary: •
Slide 11: Other segment performance
(₹ in Million) Q4 FY24 FY24 113 113 111 103 104 97 83 86 65 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 of Sales of Sales Q4 FY24 111 FY24 415 Q4 FY23 113 FY23 347 Commentary: Commentary: • This segment contributed about 7% during • This segment contributed about 6% durin
Slide 12: Geographical performance
(₹ in Million) Q4 FY24 FY24 49% Q4 FY24 774 FY24 3,106 +3% Q4 FY23 752 +21% FY23 2,557 33% Q4 FY24 528 FY24 2,088 +32% Q4 FY23 400 +9% FY23 1,916 9% Q4 FY24 135 FY24 397 +31% Q4 FY23 103 +12% FY23 354 8% Q4 FY24 122 FY24 458 +14% Q4 FY23 107 -3% FY23 473 1% Q4 FY24 18 FY24 189 -29% Q4 FY23 26 +78% F
Slide 13: Consolidated profit and loss statement
(₹ in Million) Q4 FY24 Q3 FY24 Q4 FY23 Y-o-Y Q-o-Q FY24 FY23 Particulars Y-o-Y (%) Audited Un-Audited Audited (%) (%) Audited Audited Income from Operations 1,578 1,609 1,387 14% -2% 6,239 5,406 15% Expenses 1,118 1,157 1,030 9% -3% 4,547 4,192 8% Profit from Operations before Other Income, Finance
Slide 14: Consolidated balance sheet
(₹ in Million) FY24 FY23 FY22 Particulars Audited Audited Audited Assets Property, plant and equipment 2,765 2,732 2,622 Capital work-in-progress 411 215 151 Intangible assets 479 550 609 Goodwill 3,253 3,209 2,961 Other non-current assets 350 291 289 Current assets 8,098 7,221 6,044 Total Assets 15
Slide 15: Five-year revenue, EBITDA, PBT and PAT trends
(₹ in Million) Revenue from Operations EBIDTA & EBIDTA Margin (%) 6,239 2,500 46% 46% 50% 5,294 5,406 38% 33% 5,018 45% 4,440 2,000 40% 29% 35% 1,500 30% 25% 1,000 20% 15% 500 10% 2,023 2,316 2,014 1,564 2,045 5% 0 0% FY 20 FY 21 FY 22 FY 23 FY 24 FY 20 FY 21 FY 22 FY 23 FY 24 EBIDTA EBIDTA MARGIN P
Slide 16: Working capital, net worth, ROE and ROCE
Net Working Capital (Days) Net Worth (₹ mn) 13,241 135 135 12,351 132 10,886 9,709 8,397 120 115 FY 20 FY 21 FY 22 FY 23 FY 24 FY 20 FY 21 FY 22 FY 23 FY 24 ROE (%) & ROCE (%) Net Debt to Equity (x) 22.44% 21.94% 0.02 0.02 0.02 15.93% 13.03% 17.52% 16.71% 10.34% 0.01 0.01 12.02% 10.71% 8.94% FY 20 F
Slide 17: Earnings Presentation
16 Earnings Presentation | May 2024
Slide 18: Research-driven leader in enzymes and probiotics
Advanced Enzymes is a research driven company with global leadership in the manufacturing of enzymes and probiotics. We are committed to providing eco-safe solutions to a wide variety of industries like human Mission Vision health care and nutrition, animal nutrition, baking, fruit & vegetable proce
Slide 19: Manufacturing, R&D and key facts
Manufacturing Units R&D Units Indian enzyme Highest market share Listed integrated India - 8 USA - 1 India – 5 | USA – 1 | company in India enzyme player globally Germany –1 Enzymes Proprietary Customers Countries Employees & Probiotics Products Worldwide Worldwide Presence Patents Food Enzyme GRAS
Slide 20: Company journey and milestones
• Acquired 50% stake in SaiGanesh Enzytech Solutions Advanced Biochemicals • Acquired an additional ranked as the largest • Acquired 100% stake in evoxx technologies stake of 4.83% in J C domestic manufacturer Acquired 51% stake in Biotech 1st fermentation facility of Industrial Enzymes. Takeover of
Slide 21: Board of Directors
Promoter Chairman and Non-Executive Director Whole-time Director Independent Director Independent Director Non-Executive Director Independent Director Non-Executive Director Independent Director Independent Director Independent Director *w.e.f July 01, 2023 #Ceased to be director from March 31, 2024
Slide 22: Key management team
Chief Financial Officer Sr. Vice President / Market & Business CFO & COO - Advanced Enzymes, USA Managing Director /Head Of Business Development Development - evoxx Technologies, Germany General Counsel / Vice President Managing Director /Head Of Research and Company Secretary & Head Legal And Secre
Slide 23: Global probiotics and enzymes markets and competition
Global Probiotics Market Global Enzymes Market $4Bn Grow at 9% a CAGR 3.5% till $10.2Bn $4.55Bn 2025 $6Bn 13% $38Bn 78% $48Bn $3.57Bn Grow at a CAGR 7.4% till 2025 Animal Feed Dietary Supplements Functional Food & Beverages $1.02Bn $300Mn Competitive Scenario in the $60Mn Global Enzymes and Probioti
Slide 24: Unique Investment Case
UNIQUE INVESTMENT CASE 23 Earnings Presentation | May 2024
Slide 25: Research & Development, Manufacturing, Marketing & Distribution
Research & Manufacturing Marketing & Development Distribution 24 Earnings Presentation | May 2024
Slide 26: Focus areas, opportunity size and revenue share
Addressable market for AETL over next AETL’s Current Share of Revenue Focus Area Opportunity Size 5 years** FY24 FY23 Human Nutrition $ 400 mn $ 200 mn $ 43.5 mn, 58% $ 38.8 mn, 58% Bio-Catalysis $ 60 mn $ 30 mn* $ 3.3 mn, 4% $ 2.9 mn, 4% Baking $ 300 mn $ 30 mn $ 9.2 mn, 12% $ 7.4 mn, 11% Animal Nu
Slide 27: Competitive strengths and experience
Amongst the Lowest Cost Cumulative experience of 7+ decades Manufacturers in the World in the global enzyme industry (Benchmarked both in terms of Capex & Opex) Consistent Investment into R&D over 400+ Products, 700+ Customers the past 15+ years Worldwide Specialized technical expertise in Presence
Slide 28: Growth strategy
o Acquisition of Key Technologies, Competencies & Skill-sets which o Increased focus on Enable high return Consolidation applications where and/or Entry into AETL has strategic New Market o Identify Product advantages Segments gaps and Develop new Enzymes, o Build Strategic Probiotics & o Acquisitio
Slide 29: Focus areas going ahead: Animal Nutrition, Probiotics, Bio-Catalysis
• Continuing conduct trials and studies to bring newer and effective nutritional products, which may improve the efficacy of animal feeds • Registering and introducing more products in the domestic as well as in the international Animal Nutrition markets. • Expand its sales and marketing team in USA
Slide 30: Shareholders' information and stock data
Stock Data (As on 10th May 2024) Top 5 Institutional Holders (As on 04th May 2024) Institutions OS (%) Market Capitalization (₹) 44,198 mn ORBIMED ASIA* 12.08 NALANDA INDIA EQUITY FUND 8.91 Shares Outstanding 111.82 mn HDFC AMC 3.60 ICICI PRUDENTIAL MF 1.77 Free Float 42.00% Clarus Capital I 1.28 *N
Slide 31: Thank you
Advanced Enzyme Technologies Limited Address: 5th Floor, 'A' wing, Sun Magnetica LIC Service Road, Louiswadi, Thane (W) 400 604, India Tel: +91-22-4170 3200 Fax: + 91-22-25835159 Web: www.advancedenzymes.com CIN No: L24200MH1989PLC051018 Contact: Mr. Ronak Saraf Manager – Investor Relations ir@advan