Astec LifeSciences Limited Q4 FY22 results: Consolidated total income increased by 60.7% Year-on-Year, PAT by 79.7%
Mumbai, May 04, 2022: Astec LifeSciences Limited (“Astec”) has today announced its financial results for the fourth quarter and financial year ended March 31, 2022.
HIGHLIGHTS
Q4 FY22 Financial Summary
- Q4 FY22 consolidated total income increased by 60.7% year-on-year
- Q4 FY22 consolidated EBITDA grew by 81.8% year-on-year, EBITDA margin improved by 345bps
- Q4 FY22 Profit after tax grew by 79.7% year-on-year
FY22 Financial Summary
- FY22 consolidated total income increased by 22.1% year-on-year
- FY22 consolidated EBITDA grew by 37.7% year-on-year, EBITDA margin improved by 279bps
- FY22 Profit after tax grew by 38.1% year-on-year
| Particulars | Consolidated Quarterly | Consolidated Full Year | ||||
| Q4FY22 | Q4FY21 | % Change | FY22 | FY21 | % Change | |
| Total Income | 278.8 | 173.5 | 60.7% | 687.0 | 562.5 | 22.1% |
| Earnings before depreciation, interest and taxes (EBITDA) | 72.3 | 39.7 | 81.8% | 164.5 | 119.5 | 37.7% |
| Profit Before Tax (PBT) | 58.3 | 32.1 | 81.2% | 121.0 | 89.1 | 89.1 |
| Net Profit after tax (PAT) | 43.0 | 23.9 | 79.7% | 89.8 | 65.1 | 38.1% |
| (Rs. in crore) |
Commenting on the performance, Nadir B Godrej, Chairman, Astec LifeSciences Limited, said: We delivered our best quarterly performance till date with highest ever total income of Rs. 278.8 Crore and Profit after tax (PAT) of Rs. 43.0 Crore in Q4 FY22. Total income grew by 60.7% year-on-year while PAT grew by 79.7% year-on-year. The remarkable growth was supported by strong realizations in export markets and healthy volume growth in contract manufacturing (CMO). In terms of full year results, it was another year of stellar performance, with growth of 22.1% in total income and 38.1% in profit after tax, year-on-year, respectively. Robust topline performance accompanied by improvement in profitability was driven by higher realizations in exports, favourable product mix, and operational efficiencies.
Q4 FY22 BUSINESS HIGHLIGHTS
- The outstanding performance in Q4 was driven mainly by higher sales price realisations and increase in CMO volumes. Gross margin improved to 39.6% in Q4FY22 from 38.8% in Q4FY21 while EBITDA margin improved to 26.6% in Q4FY22 from 23.1% in Q4FY21.
- In terms of geography, exports accounted for 70.8% of the total income in Q4FY22 and grew by 127.3% year-on-year. Domestic sale declined by 9.0% year-on-year as we shifted some of the capacity to exports business.
FY22 BUSINESS HIGHLIGHTS
- The robust growth in FY22 was driven by a combination of higher exports realization, favourable product mix and operational efficiencies.
- Geographically, exports were the main driver growing by 44.4% year-on-year while in terms of segment, growth was led by enterprise sales. The share of exports increased to 57.7% of the total income from 48.7% in the previous year. Domestic sale was 42.3% of total income and grew by 0.5% year-on-year.
- Astec also achieved healthy gross margin expansion to the tune of 447 bps to reach 42.8% in FY22 vs. 38.4% in FY21. The higher realizations were aided by benefits from investment in backward integration.
- The EBITDA margin expanded to 24.3% in FY22 from 21.5% in the previous year. The improvement in EBITDA margin was partly constrained by increased higher fixed overheads on account of commissioning of herbicide plant.
- Consequently, Astec also delivered improvement in Return on net worth by 206 bps to 25.5% in FY22 from 23.4% in FY21.
- During the year, we commercialized two new CMO products and a new production process for an enterprise product. The work on new R&D centre remains on track and we expect it to be operational by Q3FY23.
