Hot Pursuit     26-Apr-22
MFL hits record high after robust Q4 earnings
Meghmani Finechem (MFL) rallied 10.78% to Rs 1433.05 after the company reported 202% increase in net profit to Rs 99 crore on a 93% rise in net sales to Rs 499 crore in Q4 FY22 over Q4 FY21.

Shares of Meghmani Finechem have advanced 25.48% in two trading sessions from its previous closing low of Rs 1,142.10 posted on 22 April 2022.

Profit before tax stood at Rs 144 crore in Q4 FY22, up by 163% from Rs 55 crore in Q4 FY21. Total expenses spiked 75.13% to Rs 357 crore in Q4 FY22 over Q4 FY21.

EBITDA increased by 118% to Rs 175 crore and EBITDA margin was up by 405 bps to 35%, despite high inflationary pressure on raw materials. PAT margin was up by 712 bps to 20%.

Finance costs increased by 184% to Rs 12 crore while depreciation & amortization expenses declined by 1% to Rs 21 crore in the fourth quarter as compared to the corresponding quarter last year.

On a full year basis, the company reported a 151% rise in net profit to Rs 101 crore on a 87% rise in net sales to Rs 1,551 crore in financial year ended 2022 over financial year ended 2021.

EBITDA increased by 95% to Rs 509 crore while EBITDA margin improved marginally at 33% despite inflationary pressure on raw material prices. PAT margin was up by 413 bps to 16%.

Commenting on the results Mr Maulik Patel; Chairman and MD of MFL said, “This has been a landmark year for MFL. We made a debut on stock exchange as an independent entity in August 2021. I am pleased to announce, we have delivered record financial performance. We have achieved highest ever Revenue & PAT of Rs 1,551 crore and Rs 253 crore. This is a testimony of our team's effort of delivering excellence despite the tough external environment.”

“Our strong operational efficiency and internal cost control measures allowed us to maintain margins even with the inflationary pressure. I am happy to announce a 5-year vision of achieving Rs 5,000 crores in revenue by FY27, translating to a revenue CAGR of 25% from here on. This growth will come from higher revenue contribution of value-added derivatives & specialty chemical. We have announced to enter in Chlorotoluene & its value chain and in phased manner we will keep on announcing our further capex in the future. We continue to move forward in our strategic direction of expanding scale, strengthening integration and achieving low cost of operations.”

Meghmani Finechem, part of the Ahmedabad-based Meghmani group, was incorporated in September'2007 as a subsidiary of Meghmani Organics, to establish a captive source of caustic soda and chlorine derivatives.

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