Indorama Ventures Public Company Limited (INDOY) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, welcome and thank you for taking time to join us for Indorama Ventures third quarter's 24 results briefing. My name is Vikas Jalwan, Vice President, Investor Relations and Planning at IGL. Joining me today, we have Mr. D.K. Agarwal, Deputy Group CEO and Group CFO, Muthu Kumar and Kumar Radha, Presidents and Co-Leaders for CPAT, Alistair Empord, Executive President for Indovenia, and Diego Brawley, Executive President for Fibers segment. Quick disclaimer that this meeting is being recorded and a replay of this session will be available on our website after the meeting. Of course, we have made a few assumptions and estimates on future trends for our industry and business, which are based on analysis of available information at this point in time. So with that, I now invite Mr. Agarwal first to share business and financial highlights for third quarter. Over to you, please, Mr. Agarwal. Good afternoon. Thank you, Vikash. I think let's first discuss the macroeconomic backdrop, which is directly or indirectly impacts this industry as well as our businesses. We always bring you the slide. In third quarter, the U.S. experienced a slowdown in growth, while economic condition in China remained lackluster with poor domestic demand, as you know, with the housing bubble which they have. Geopolitical uncertainty and a cautious economic outlook are causing continued overall softness in the world, except India is a sweet spot where we see good growth. Freight rates remain elevated due to disruption in the Red Sea and making imports expensive. As you see this graph, after slight decline in October, we have seen 15% increase in Shanghai Freight Index in last couple of weeks. Crude oil price declined to $75 a barrel in September, leading to some inventory losses, which ...