S H Kelkar and Company Ltd · NSE:SHK
S H Kelkar and — Q3 FY2023 Earnings Presentation
21 slides from S H Kelkar and's earnings presentation, Feb 3, 2023
Slide 1: Letter to exchanges submitting press release and earnings presentation
February 02, 2023 To To The Manager The Manager The Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited Floor 25, P. J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 Scrip Code: 53
Slide 2: S H Kelkar announces Q3 & 9M FY2023 results
S H Kelkar and Company Limited Corporate Office: L.B.S Marg, Near Balrajeshwar Temple, Mulund (W), Mumbai – 400080 Registered Office: Devkaran Mansion, 36, Mangaldas Road, Mumbai 400 002. S H Kelkar announces Q3 & 9M FY2023 results 9M FY2023 Revenues from operations at Rs. 1,214.1 cr, higher by 9.0%
Slide 3: Cash profit, net debt and management commentary
− Cash Profit (excluding exceptional items) stood at Rs 124.2 crore as against Rs. 127.6 crore − The Company's net debt decreased by Rs. 12 crore over September 2022 on a constant currency basis. However, the net debt position was Rs. 522 crore as of December 31, 2022, compared to Rs. 503 crore as o
Slide 4: About S H Kelkar and Company Limited
About S H Kelkar and Company Limited: S H Kelkar and Company Limited (SHK) is the largest Indian-origin Fragrance & Flavour Company in India. It has a long-standing reputation in the fragrance industry developed in 100 years of experience. Its fragrance products and ingredients are used as a raw mat
Slide 5: S H Kelkar and Company Limited Q3 & 9M FY23
S H KELKAR AND COMPANY LIMITED Q3 & 9M FY23 Earnings Presentation February 03, 2023
Slide 6: Disclaimer
Disclaimer Certain statements and opinions with respect to the anticipated future performance of SH Kelkar (SHK) in the presentation (“forward-looking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated results may or may not prove to be correct. Suc
Slide 7: Management Comment
Management Comment Commenting on the performance, Mr. Kedar Vaze, Whole Time Director & CEO at SH Kelkar and Company Ltd. said: "Our results during the period under review were soft, with Global Ingredients and non-core Contract Manufacturing segment in Europe witnessing a notable decline in revenue
Slide 8: Q3 & 9M FY23 – Key Financial Highlights
Q3 & 9M FY23 – Key Financial Highlights Total Income Gross Profit EBITDA Cash PAT 1,225 481 164 161 128 124 1,122 457 404 386 162 159 64 49 45 33 Q3 FY22 Q3 FY23 9M FY22 9M FY23 Q3 FY22 Q3 FY23 9M FY22 9M FY23 Q3 FY22 Q3 FY23 9M FY22 9M FY23 Q3 FY22 Q3 FY23 9M FY22* 9M FY23 Shift % (Y-o-Y) -4.2% 9.1
Slide 9: Revenue Break-Up (excl Global Ingredients) – Q3 & 9M FY23
Revenue Break-Up (excl Global Ingredients) – Q3 & 9M FY23 Business Segment Market Segment 918 807 956 1,029 292 302 241 252 337 338 36 42 92 141 81 78 Fragrances Flavours Emerging Market Europe Shift % (Y-o-Y) 0.3% 7.6% 15.7% 53% Shift % (Y-o-Y) 3.2% 13.8% -3.2% 4.3% Geography Wise 688 576 214 231 2
Slide 10: Global Ingredients – Q3 & 9M FY23
Global Ingredients – Q3 & 9M FY23 Revenue 61 37 23 • The Global Ingredients sector has been 4 impacted by shortages of raw materials and Note: Cash and cash equivalent includes investments in mutual fund supply chain issues in recent years leading Q3 FY22 Q3 FY23 9M FY22 9M FY23 to significant cost
Slide 11: Profitability Break-Up (excl Global Ingredients) – Q3 & 9M FY23
Profitability Break-Up (excl Global Ingredients) – Q3 & 9M FY23 Fragrance Division - EBIT Flavour Division - EBIT 14 117 112 51 37 4 5 1 Q3 FY22 Q3 FY23 9M FY22 9M FY23 Q3 FY22 Q3 FY23 9M FY22 9M FY23 Shift % (Y-o-Y) -26.6% -4.9% -88.7% -66% Margins % 15.0% 11.0% 12.3% 10.8% 11.2% 1.1% 14.8% 3.3% No
Slide 12: Segmental Performance: Fragrance and Flavours
Segmental Performance ▪ Fragrance division delivered steady performance during 9M FY23 despite demand Fragrance (excl Global Ingredients) challenges across markets Region-wise Revenue Break-up – 9M FY 23 ▪ Holland Aromatics delivered strong Revenue Q3 FY 23 9M FY 23 revenue growth during the period
Slide 13: Europe Core Business Performance (Euro Mn)
Europe Core Business Performance (Euro Mn) Revenue Core Gross Margins (%) EBITDA (%) 24.6 17.2% 47.0% 48.2% 46.7% 44.9% 19.1 12.9% 11.2% 11.2% 6.6 7.9 Q3 FY22 Q3 FY23 9M FY22 9M FY23 Q3 FY22 Q3 FY23 9M FY22 9M FY23 Q3 FY22 Q3 FY23 9M FY22 9M FY23 Shift % (Y-o-Y) 19.3% 28.9% • Demand in Europe remain
Slide 14: Balance Sheet Snapshot – As on December 31, 2022
Balance Sheet Snapshot – As on December 31, 2022 522 1,049 939 71 0.50x Networth Net Debt Fixed Assets Cash & Investments & Net Debt to Equity (x) Note: 10 1) Figures in Rs. crore unless specified otherwise
Slide 15: Financial Leverage
Financial Leverage Net Debt Net Debt to Equity 503 522 0.47 0.50 31 0.34 0.29 -12 September 2022 Reduction Forex Impact December 2022 FY20 FY21 FY22 9M FY23 • The Company's net debt decreased by Rs. 12 crore Interest Cost over September 2022 on a constant currency basis. 16 However, the net debt pos
Slide 16: Annexure
Annexure 12
Slide 17: Amortization of Intangible Assets – 9M FY23
Amortization of Intangible Assets – 9M FY23 Estimated amortization of Intangible assets (Rs. crore) Acquisitions of Holland Aromatics and NuTaste 20.8 in Q4FY22 12.4 led to increase in 7.9 intangibles 5.5 9M FY 22 9M FY 23 Acquisitions Other Intangibles • SHK concluded the full acquisition of Creati
Slide 18: Consolidated Summarized P&L Statement
Consolidated Summarized P&L Statement Particulars (Rs. crore) Q3 FY 23 Q2 FY 23 Q3 FY 22 YoY Gr % 9M FY 23 9M FY 22 YoY Gr % FY 22 Revenues from Operations Sales 371.3 394.8 368.0 0.9% 1,156.8 1,035.0 11.8% 1,458.5 Sales - Contract Manufacturing 12.0 17.6 28.6 -57.9% 50.3 74.8 -32.7% 101.1 Other Ope
Slide 19: Conference Call Details
Conference Call Details S H Kelkar and Company – Q3 FY23 Earnings Conference Call Time • 03:30 PM IST on Friday, February 03, 2023 Primary dial-in number • +91 22 6280 1141 • +91 22 7115 8042 India Local access Number • +91 70456 71221 (Available all over India) • Hong Kong: 800 964 448 Internationa
Slide 20: About Us
About Us S H Kelkar and Company Limited (SHK) is the largest Indian-origin Fragrance & Flavour For further information please contact: Company in India. It has a long-standing reputation in the fragrance industry developed in 96 years of experience. Its fragrance products and ingredients are used as
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