May 2017 – IG Petrochemicals Limited, Indian manufacturer of Phthalic Anhydride (PA) has declared its audited results for the quarter and year ended March 31, 2017.               

Robust Revenue Growth of 9 per cent for FY17 and 35 per cent for Q4 FY17: Revenue for FY17 increased by 9 per cent Y-o-Y to Rs 10,375 mn from Rs 9,528 mn; revenue for Q4 FY17 increased by 35 per cent Y-o-Y to Rs 2,893 mn from Rs 2,144 mn.

EBITDA grew 45 per cent for FY17 and 96 per cent for Q4 FY17: EBITDA for FY17 grew 45 per cent Y-o-Y to Rs 1,641 mn from Rs 1,134 mn, the EBITDA Margins were at 15.8 per cent; BITDA for Q4 FY17 grew 96 per cent Y-o-Y to Rs 456 mn from Rs 233 mn, the EBITDA Margins were at 15.8 per cent.

Higher Profitability by 68 per cent for FY17 and 134 per cent for Q4 FY17: Profit after Tax for FY17 stood at Rs 1,106 mn, the PAT Margins stood at 9.8 per cent, an improvement by 350 bps; profit after Tax for Q4 FY17 stood at Rs 281 mn, a growth of 134 per cent Y-o-Y, the PAT Margins stood at 9.7 per cent, an improvement by 410 bp.

Commenting on the results and performance, Mr.Nikunj Dhanuka, Managing Director said, "Financial year 2016-17 was a year of significant accomplishments for the company. We have moved a step forward towards transforming the existing business profile of the company. Our efforts towards improving the performance of our legacy business through a two pronged approach of quickly scaling-up of the manufacturing capacities and optimising cost efficiencies has yielded results which is visible in our annual performance. The company reported a topline of Rs 10,375 mn with EBITDA and PAT of Rs 1,641 mn and Rs 1,016 mn respectively for FY17.

EBITDA & PAT Margins improved exponentially by 390 basis points to 15.8 per cent and by 350 basis points to 9.8 per cent on the back of better recovery processes, operational efficiency and stringent cost control measures. India's current PAN consumption is ~3.5 lakhs MTPA and expected to grow at 8 per cent – 9 per cent in future, backed by the thrust of infrastructure and GDP growth. Being India's largest Phthalic Anhydride (PAN) manufacturer with more than 2 decade of experience we feel there is a huge growth opportunities for the company in the coming years.

I would also like to say the Company's enduring commitment to outperform its own and the market expectations, while transforming top-line growth into healthy bottom-line results through our three-pillar strategy of low cost production, better technology, and excellence in execution (i.e. capacity utilisation and better recovery process). Moving forward, we reiterate our confidence in our ability to sustain company's delivery of outstanding shareowner value."