Indorama Ventures Public Company Limited (INDOY) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome everyone and thank you for taking time to join us for Indorama Ventures second quarter reserves briefing. My name is Vikas Jalan and Vice President of Investor Relations and Planning at IVL. Joining me today we have Mr. D.K. Agarwal, Deputy Group CEO and Group CFO. Muthu Kumar and Kumar Ladha, both are co-presidents for CPAT business. Alistair Amphot, Executive President for Indovina and Diogo Bori, Executive President for Fibers. A quick disclaimer that this meeting is being recorded and a replay of this session will be available on our website after the meeting. We have made a few assumptions and estimates on future trends for industry and business, which are based on our analysis of information at this point in time. So with that, I now invite Mr. Agarwal first to share business and financial highlights for second quarter 24. Over to you, Mr. Agarwal. Yeah, thank you, Vikas. I think let's first understand what is the macroeconomic situation, which of course directly or indirectly impacts our industry as well as other businesses. The first slide on the left shows the economic deacceleration and interest rate. We have certainly seen some slowdown in the U.S. economic activity, affected in a lower PMI for second quarter 24. And then again in July, which could pave the way for potential rate cuts in the coming months. And as you might have seen, a lot of volatility in the stock markets after some data of unemployment came in. These cuts might extend to other major economies as well. However, even with the expected rate reduction, financing costs would like to remain elevated as compared to pre-COVID level. However, I think they will peak in the second quarter. IVL strategy with about 50% of its debt being floating by the end of 2024 positions the company to be...