π Key Insights from Annual Reports #ULTRAMARINE #AR2023
Ultramarine is a smallcap player in pigment and surfactant space. Key highlights from annual report
1β£ No equity dilution in 9 years and reserves grew 9x
2β£ 4.5x growth in PAT but last 3 years been flat
Ultramarine is a smallcap player in pigment and surfactant space. Key highlights from annual report
1β£ No equity dilution in 9 years and reserves grew 9x
2β£ 4.5x growth in PAT but last 3 years been flat
3β£Last 2 years have seen good jump in export growth and topline growth.
4β£Company registered 10% sales growth and 15% profit growth despite challenging market for chemicals. Bulk of growth came due to better realizations despite challenging volume growth. Export grew at 29%
5β£ Pigment and IT division did well. Surfactants did not have any growth. Capacity utilization was not at full steam as company did not want to generate sales without passing adequate inflationary cost
6β£ Situation on margins and business has improved and company expects to do better next fiscal year in chemical division. The IT division did well this year growing profit at 15%
7β£ A new 1800 MT plant to manufacture ingredients for food, cosmetics etc. is work in progress with trial production underway. 1500 MT greenfield pigment plant was operationalized and did 70% capacity utilization.
8β£ Additional 2250 pigment capacity being undertaken which will go live partially in FY24. Total capex is Rs 80 Cr
9β£ There are 6 products are in the pipeline for development and commercialization in the near future. Some will be commercialized with existing infrastructure.
πThe newly created specialty chemical subsidiary turned profitable working on almost 18% PAT margin
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