India Glycols Limited · NSE:INDIAGLYCO
India Glycols — Q3 FY25 Earnings Presentation
46 slides from India Glycols's earnings presentation, Feb 6, 2025
Slide 1: Regulation 30 disclosure cover letter
6th February, 2025 The Manager (Listing) The Manager (Listing) BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Ring, Exchange Plaza, C-1, Block G, Rotunda Building, P.J. Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai- 400 051 Scrip Code
Slide 2: Investor Presentation Q3 & 9M FY25
Investor Presentation Q3 & 9M FY25 February 2025
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation and the following discussion may contain “forward looking statements” by India Glycols Limited (“IGL” or the company) that are not historical in nature. These forward-looking statements, which may include statements relating to future results of operations, fi
Slide 4: Table of Contents
Table of Contents Proposed Restructuring Q3 & 9MFY25 Financial Highlights Q3 & 9MFY25 Segmental Highlights Business Overview Annual Financial Highlights Annexures
Slide 5: Proposed Restructuring
Proposed Restructuring
Slide 6: Proposed Scheme and Structure
Proposed Scheme and Structure Management of IGL to enter into a composite scheme of Promoter Group 95.78% arrangement for the following: Merger of KHL with IGL – pursuant to the Kashipur Holdings Limited merger, promoters to directly hold shares (KHL) of IGL Merger of KHL into IGL KHL currently ho
Slide 7: Proposed Business Structure
Proposed Business Structure Figures in ₹ Cr. Existing Structure Bio-based Specialties and Potable Spirits Ennature Biopharma Bio-Fuel Performance Chemicals Chemicals Business IMFL Bio-Fuel Bio Pharma Glycols, Bio Glycols, New Specialty Country Liquor Products, Bio Polymers, ENA Industrial Gases Busi
Slide 8: 9MFY25 Financials as per Proposed Scheme
9MFY25 Financials as per Proposed Scheme Net Revenue and EBITDA Margin (%) India Glycols Limited IGL Spirits Limited Ennature Bio Pharma Limited (Chemicals Business) (Spirits & Bio-Fuel Business) (Bio Pharma & Bio Polymer Business) 1,000 900 2,000 11.0% 13.6% 14.8% 14.4% 800 26.3% 14.9% 2,000 1,800
Slide 9: Benefits of the Proposed Scheme
Benefits of the Proposed Scheme The proposed scheme Each business will have a Will create a potential to Each business will manage will simplify the promoter clear focus, leading to unlock value for stakeholders its capital, investments, and holding structure by improved management by drawing focuse
Slide 10: Q3 & 9M FY25 Financial Highlights
Q3 & 9M FY25 Financial Highlights
Slide 11: Q3FY25 Performance Overview
Q3FY25 Performance Overview Figures in ₹ Cr. Gross Revenue Net Revenue EBITDA & EBITDA Margin PAT & PAT Margin +14% 11.8% 13.2% 4.6% 5.8% 250 2,424 +8% 2,119 200 +21% 975 904 150 129 +37% 107 57 100 42 50 - Q3FY24 Q3FY25 Q3FY24 Q3FY25 Q3FY24 Q3FY25 Q3FY24 Q3FY25 ⦁ Strong performance across all Key F
Slide 12: 9MFY25 Performance Overview
9MFY25 Performance Overview Figures in ₹ Cr. Gross Revenue Net Revenue EBITDA & EBITDA Margin PAT & PAT Margin +17% 13.3% 13.0% 5.5% 5.7% +23% 6,850 2,905 +19% 5,882 2,368 +28% 378 167 319 131 9MFY24 9MFY25 9MFY24 9MFY25 9MFY24 9MFY25 9MFY24 9MFY25 ⦁ Significant Revenue reported in both Gross and Ne
Slide 13: Highlights – Q3FY25
Highlights – Q3FY25 Business Performance Figures in ₹ Cr. Q3FY25 over Q3FY24 Net Revenue surged by 7.8% in Q3FY25 – Bio Fuel increased by 79% to ₹ 272 Cr – PS up by 37% YoY to ₹ 325 Cr – EB grew by 4% YoY to ₹ 52 Cr from ₹ 51 Cr – BSPC stood at ₹ 327 Cr EBITDA increased by 21% at ₹ 129 Cr from ₹
Slide 14: Highlights – 9MFY25
Highlights – 9MFY25 Business Performance Figures in ₹ Cr. 9MFY25 over 9MFY24 Net Revenue increased by 23% in 9MFY25 to ₹ 2,905 Cr – Bio-Fuel increased to ₹ 770 Cr from ₹ 328 Cr, up by 135% – PS up by 24% YoY to ₹ 858 Cr – EB up by 14% YoY to ₹ 169 Cr – BSPC at ₹ 1,108 Cr vs. ₹ 1,203 Cr in 9MFY24
Slide 15: Financial Summary - Consolidated
Financial Summary - Consolidated Figures in ₹ Cr. Particulars Q3FY25 Q3FY24 Y-o-Y (%) 9MFY25 9MFY24 Y-o-Y (%) Gross Revenue from Operations 2,424 2,119 14.4% 6,850 5,882 16.5% Revenue from Operations (Net of excise) 975 904 7.8% 2,905 2,368 22.7% Other Income 6 5 13 21 Total Income 981 909 8.0% 2,91
Slide 16: Financial Summary - Standalone
Financial Summary - Standalone Figures in ₹ Cr. Particulars Q3FY25 Q3FY24 Y-o-Y (%) 9MFY25 9MFY24 Y-o-Y (%) Gross Revenue from Operations 2,424 2,119 14.4% 6,850 5,882 16.4% Revenue from Operations (net of excise) 975 904 7.8% 2,905 2,368 22.7% Other Income 6 5 13 21 Total Income 981 909 7.9% 2,918
Slide 17: Highlights – Q3 & 9MFY25
Highlights – Q3 & 9MFY25 Figures in ₹ Cr. Other Highlights NSU – commissioning nearly complete, good commercialization and capacity utilization, planning incremental expansions. Strong foundation for growth in several areas which will help build the value-added business JV Strong Performance wit
Slide 18: Segmental Highlights
Q3 & 9M FY25 Segmental Highlights
Slide 19: Segmental Highlights – Q3FY25
Segmental Highlights – Q3FY25 Net Revenue and EBIT Margin (%) Figures in ₹ Cr. Bio-Based Specialties and Potable Spirits (PS) Performance Chemicals (BSPC) 6.3% 8.5% 17.0% 22.3% 700 500 450 600 400 500 350 300 400 250 300 200 451 328 244 150 325 200 100 100 50 - - Q3FY24 Q3FY25 Q3FY24 Q3FY25 Bio-Fuel
Slide 20: Segmental Highlights – 9MFY25
Segmental Highlights – 9MFY25 Net Revenue and EBIT Margin (%) Figures in ₹ Cr. Bio-Based Specialties and Potable Spirits (PS) Performance Chemicals (BSPC) 8.7% 8.8% 17.8% 20.2% 1,400 800 1,200 700 600 1,000 879 500 800 1,191 700 400 1,088 600 300 400 200 200 100 - - 9MFY24 9MFY25 9MFY24 9MFY25 Bio-F
Slide 21: Segmental Revenue and EBIT Mix – Q3FY25
Segmental Revenue and EBIT Mix – Consolidated – Q3FY25 Revenue Mix EBIT Mix 6% 5% 4% 24% 31% 13% 34% 27% 33% 50% 8% 46% 10% 17% 28% 64% Q3FY25 Q3FY24 Q3FY25 Q3FY24 BSPC Bio-Fuel PS EB 20 Consolidated Financials Note – The company has started reporting Bio-Fuel as a separate segment from Q1FY25, whic
Slide 22: Segmental Revenue and EBIT Mix – 9MFY25
Segmental Revenue and EBIT Mix – Consolidated – 9MFY25 Revenue Mix EBIT Mix 6% 5% 6% 37% 29% 11% 37% 30% 30% 50% 54% 46% 12% 14% 27% 6% 9MFY25 9MFY24 9MFY25 9MFY24 BSPC Bio-Fuel PS EB 21 Consolidated Financials Note – The company has started reporting Bio-Fuel as a separate segment from Q1FY25, whic
Slide 23: Segment Performance – BSPC
Segment Performance – BSPC Figures in ₹ Cr. Particulars Q3FY25 Q3FY24 % YoY 9MFY25 9MFY24 % YoY Bio-based Specialities and Performance Chemicals (BSPC) Net Revenue 325 451 (27.9%) 1,088 1,191 (8.6%) EBIT 28 28 (2.6%) 96 103 (6.9%) % margin 8.5% 6.3% 219 bps 8.8% 8.7% 17 bps Q3FY25 Revenue at ₹ 325
Slide 24: Segment Performance – Bio-Fuel
Segment Performance – Bio-Fuel Figures in ₹ Cr. Particulars Q3FY25 Q3FY24 % YoY 9MFY25 9MFY24 % YoY Bio-based Specialities and Performance Chemicals (BSPC) Net Revenue 272 158 71.8% 770 328 135.0% EBIT 9 9 (4.1%) 41 18 131.7% % margin 3.3% 5.8% (258 bps) 5.3% 5.4% (7 bps) Q3 Revenue at ₹ 272 Cr.,
Slide 25: Segment Performance - PS
Segment Performance - PS Figures in ₹ Cr. Particulars Q3FY25 Q3FY24 % YoY 9MFY25 9MFY24 % YoY Portable Spirits (PS) Net Revenue 328 244 34.3% 879 700 25.6% EBIT 73 41 76.8% 178 124 43.3% % margin 22.3% 17.0% 536 bps 20.2% 17.8% 250 bps Q3FY25 Revenue at ₹ 328 Cr, up by 34.3%; EBIT at ₹ 73 Cr., up
Slide 26: Segment Performance - EB
Segment Performance - EB Figures in ₹ Cr. Particulars Q3FY25 Q3FY24 % YoY 9MFY25 9MFY24 % YoY Ennature Biopharma (EB) Net Revenue 50 51 (1.0%) 168 149 12.3% EBIT 5 12 (62.3%) 16 32 (48.0%) % margin 9.0% 23.7% 9.8% 21.2% Q3FY25 Revenue at ₹ 50 Cr; remained flat; 9MFY25 Revenue at ₹ 168 Cr; up by 12
Slide 27: Business Overview
Business Overview
Slide 28: Company at a Glance
Company at a Glance Business Overview India Glycols Limited (IGL), founded in 1983, is one of the leading manufacturer of Bio-based Specialties & Performance ₹ 3,294 Cr ₹ 428 Cr Chemicals (BSPC), Bio-Fuel, Potable Spirits (PS) and Ennature Biopharma (EB). It is the first company in the world to prod
Slide 29: Key Strengths
Key Strengths 3+ decades of presence 3x3 strategy for Cost Effectiveness Diversified business R&D: Creating value with focus on Green model and applications Chemistry & Technical collaborations India’s leading Green Chemical Strong Management Team Company Integrated Mfg. facilities - 3 Financials pe
Slide 30: IGL Journey of more than 3 decades
IGL Journey of more than 3 decades 1983-1993 1994 - 2000 2001-2007 2008-2019 2020-2024 1983: Incorporation as 1994: Commissioning of EO 2001: Starting of glycol 2008: Expansion of MEG 2020: Commissioning of UP Glycols Ltd purification and first ether plant and gaur gum plant and commissioning saniti
Slide 31: Diversified business model and multi-functional application
Diversified business model and multi-functional application Business segments Bio-based Specialities and Potable Spirits (PS) Ennature Biopharma (EB) Performance Chemicals (BSPC) Bio Glycols: Bio Mono Ethylene Glycol, Bio Di Ethylene Glycol, License for operations and sale of Country Liquor in the N
Slide 32: India’s leading Green Chemical Company
India’s leading Green Chemical Company Green is in IGL’s DNA and is the core of our business: Inspired by nature and Green chemistry, we create compounds based on decades of expertise, innovative engineering and sustainable technologies, while ensuring our environment remains untouched. Only manufac
Slide 33: Capabilities
Integrated Manufacturing facilities Kashipur Gorakhpur Dehradun 300-acre state 56-acre state of of art integrated art distillation & 1,60,000 sqft state manufacturing bottling complex of art facility complex Fermentation – Molasses and Grain Based Grain based Ethanol High Purity Extraction E
Slide 34: Leveraging synergies to create value–integrated manufacturing
Leveraging synergies to create value–integrated manufacturing for bio-based products Portable Spirits (PS) Products Potable Power Industrial ENA O2, N2, Ar Spirit Brands Alcohol Gas Division Ind Gr. CO2 Grain O2 ASU EO-CO2 mix Business transferred to JV with Clariant Bio-based Specialities Green Mol
Slide 35: 3 x 3 Strategy for Cost Effectiveness
3 x 3 Strategy for Cost Effectiveness Mitigating costs with 3 possible sources of 3 possible outputs raw material Imported Bio-based Ethanol Chemicals Domestically Bio-fuels bought Ethanol In-house Potable Ethanol Spirits • Grain-based ethanol plants with capacities of 500 KLPD and 110 KLPD at Kashi
Slide 36: R&D: Creating value through focus on Green Chemistry
R&D: Creating value through focus on Green Chemistry with Technical collaborations IGL pioneers’ sustainable trends with innovative, technology-driven solutions that reduce carbon footprints, leveraging digital technologies to reach net zero emissions and lead the way in green innovation. The state-
Slide 37: Growth Drivers
Growth Drivers High prospects of growth of Increasing consumer Companies taking steps to Growing demand for natural IGL is ideally placed to seize industry sectors being awareness and demand for significantly decrease carbon and safer products in the opportunity arising out serviced by IGL – Persona
Slide 38: Annual Financial Highlights
Annual Financial Highlights
Slide 39: 3-year Financial Trajectory - Consolidated
3-year Financial Trajectory - Consolidated Figures in ₹ Cr. Gross Revenue Net Revenue 7,922 3,294 2,868 6,601 6,642 2,651 FY22 FY23 FY24 FY22 FY23 FY24 EBITDA & EBITDA Margin (%) Adj. PAT* & Adj. PAT Margin (%) 9.6% 11.9% 12.9% 4.1% 4.2% 5.2% 428 319 277 173 119 113 FY22 FY23 FY24 FY22 FY23 FY24 * P
Slide 40: 3-year Key Ratios - Consolidated
3-year Key Ratios - Consolidated Return on Capital Employed (%) Debt-to-Equity Ratio (x) 10.5% 0.64 0.59 0.58 7.5% 7.7% FY22 FY23 FY24 FY22 FY23 FY24 Cash Conversion Cycle* (Days) Interest Coverage Ratio (x) 60 59 43 2.82 2.71 2.26 FY22 FY23 FY24 FY22 FY23 FY24 * Cash Conversion Cyle = Debtor Days +
Slide 41: Financial Summary - Consolidated
Financial Summary - Consolidated Figures in ₹ Cr. Particulars (In ₹ Cr) FY22 FY23 FY24 FY22-24 CAGR Gross Revenue from operations 6,601 6,642 7,922 9.5% Revenue from operations (Net of excise) 2,868 2,651 3,294 7.2% Other Income 22 24 26 Total Income 2,890 2,675 3,320 7.2% EBITDA 277 319 428 24.4% E
Slide 42: Financial Summary - Balance Sheet and Cash Flow
Financial Summary - Consolidated Figures in ₹ Cr. Balance Sheet Cash Flow Statement Particulars (₹ Cr.) (as at end of) FY22 FY23 FY24 Particulars (₹ Mn) FY22 FY23 FY24 Fixed Assets 2,303 2,690 3,171 Cash and Cash Equivalents (Opening Balance) 3 7 2 CWIP 243 125 84 Investment 336 318 335 Cash Flow fr
Slide 43: Annexures
Annexures
Slide 44: Shareholder’s Information
Shareholder’s Information Shareholding Pattern Shareholder Information as on 31st December 2024 Public & Others, 31.95% BSE Ticker 500201 NSE Symbol INDIAGLYCO Market Cap (in ₹ Cr.) 3,974.5 % Free- float 38.99% Bodies as on 31st December Free Float Market Cap (in ₹ Cr.) 1,549.7 Corporates, 2024 2.60
Slide 45: Sustainability, ESG
Sustainability, ESG Social Environment Governance Adherence to high safety and operational standards for handling hazardous materials. Employee and worker training for skill development. Implementation of preventive measures to enhance cyber security. Stakeholder engagement approach implemen
Slide 46: Thank you
Thank you India Glycols Limited Ernst & Young LLP CIN: L24111UR1983PLC009097 Rohit Anand Ankur Jain rohit.anand4@in.ey.com Company Secretary & Compliance Officer Riddhant Kapur Riddhant.kapur@in.ey.com Head office 2B, Sector-126, Noida Anubhav Khandelwal Gautam Budh Nagar Anubhav.khandelwal@in.ey.co