Professional Documents
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DISCLAIMER
This presentation and the following discussion may contain forward looking statements by Gujarat Fluorochemicals
Limited (GFL or the Company) that are not historical in nature. These forward looking statements, which may
include statements relating to future state of affairs, results of operations, financial condition, business prospects,
plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the
management of GFL about the business, industry and markets in which GFL operates.
These statements are not guarantees of future performance, and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond GFLs control and difficult to predict, that could cause
actual results, performance or achievements to differ materially from those in the forward looking statements.
Such statements are not, and should not be construed, as a representation as to future performance or achievements
of GFL. In particular, such statements should not be regarded as a projection of future performance of GFL. It should
be noted that the actual performance or achievements of GFL may vary significantly from such statements.
DISCUSSION SUMMARY
1,770.3
17.5%
6.2%
271.1
110.3
1,545.1
339.9
13 %
Q2 FY16
20 %
Q2 FY17
Q2 FY16
89.7
19 %
Q2 FY17
EBIDTA
5.8%
EBIDTA %
Q2 FY16
Q2 FY17
PAT
PAT %
3,159.0
2,665.7
615.3
16 %
H1 FY16
18.8%
501.9
18 %
H1 FY17
H1 FY16
EBIDTA
5.1%
29 %
H1 FY17
EBIDTA %
H1 FY16
PAT
H1 FY17
PAT %
In Rs. Cr
3,159.0
3%
62.1
1,016.3
1,545.1
610.3
297.4
26 %
78.4
21 %
800.2
4%
107.9
2,665.7
634.3
30 %
139.9
26 %
1,235.2
1,660.2
2%
732.9
354.7
360.9
29.4
Q2 FY16
8.2
Q2 FY17
% Share
Q2 FY16
Q2 FY17
Chemicals Business
20.0%
23.4%
57.4%
4%
761.2
47.7
-104.9
H1 FY16
H1 FY17
% Share
H1 FY16
H1 FY17
Chemicals Business
23.2%
28.6%
51.8%
52.6%
46.3%
3.5%
5.1%
3.4%
5.2%
17.4%
19.2%
19.3%
23.8%
1.7%
0.5%
1.5%
-3.9%
615.3
52 %
121.0
271.1
27.2
53.5
31 %
144.5
In Rs. Cr
92.2
69.9
26 %
89.3
33 %
122.5
238.1
30 %
38 %
146.8
101.1
2%
0.1 %
76.1
74.7
9.3
-1.8
Q2 FY17
Q2 FY16
% Share
501.9
Q2 FY16
Q2 FY17
Chemicals Business
22.5%
27.6%
42.5%
154.4
154.2
9.6
-10.9
H1 FY16
H1 FY17
% Share
H1 FY16
H1 FY17
Chemicals Business
25.1%
30.7%
37.3%
38.7%
29.2%
15.7%
25.8%
15.0%
24.4%
16.6%
10.0%
19.7%
17.8%
2.7%
-0.7%
1.6%
-2.2%
21.3
6.2
193.0
93 %
158 %
93.9
40 %
26.7
In Rs. Cr
32 %
-37.8
Q2 FY16
% Share
46.5
9.7
89.7
15.9
1.6
43 %
137.2
97 %
26.5
19.1
56 %
68.3
26 %
68.5
154.3
56.5
35.3
54.5
-19.6
-72.0
Q2 FY17
H1 FY16
Q2 FY16
Q2 FY17
Chemicals Business
24.3%
39.4%
85.1%
% Share
-45.2
H1 FY17
H1 FY16
H1 FY17
Chemicals Business
28.2%
49.9%
63.0%
79.9%
49.8%
5.6%
17.7%
5.0%
13.9%
19.3%
1.8%
24.1%
19.3%
-34.3%
-21.9%
-37.3%
-32.9%
20.7%
76.1
74.7
360.9
354.7
7.5%
35.3
26.7
2%
Q2 FY16
2%
Q2 FY17
Q2 FY16
32 %
Q2 FY17
EBIDTA
EBIDTA %
Q2 FY16
Q2 FY17
PAT
PAT %
732.9
21.1%
20.3%
154.4
154.2
4%
H1 FY16
H1 FY16
EBIDTA
68.5
54.5
0.1 %
H1 FY17
9.0%
7.4%
26 %
H1 FY17
EBIDTA %
H1 FY16
PAT
H1 FY17
PAT %
In Rs. Cr
761.2
60.7
360.9
732.9
32.3
60.0
1%
115.8
215.0
17 %
13 %
50.6
160.4
17 %
132.8
75.1
5%
71.3
140.0
5%
133.3
82.1
11 %
91.0
157.6
17 %
183.6
Q2 FY17
H1 FY16
354.7
24.9
114.7
57.9
Q2 FY16
30 %
250.8
H1 FY17
H1 FY16
H1 FY17
Caustic Soda
21.5%
24.1%
19.8%
Chloromethanes
19.1%
17.5%
16.3%
14.0%
Refrigerant Gases
21.9%
17.4%
PTFE
32.3%
32.1%
PTFE
29.3%
33.0%
Other Products
7.0%
8.9%
Other Products
8.2%
8.0%
% Share
Q2 FY16
Q2 FY17
Caustic Soda
23.2%
25.2%
Chloromethanes
21.2%
Refrigerant Gases
% Share
1%
1,016.3
800.2
12.6%
144.5
101.1
21 %
Q2 FY16
30 %
Q2 FY17
Q2 FY16
40 %
Q2 FY17
EBIDTA
7.0%
EBIDTA %
Q2 FY16
56.5
Q2 FY17
PAT
PAT %
1,660.2
14.3%
1,235.2
11.9%
238.1
146.8
38 %
26 %
H1 FY16
H1 FY17
H1 FY16
EBIDTA
Note: * Revenue from Operations, ** EBIDTA excluding Other Income
56 %
H1 FY17
EBIDTA %
H1 FY16
PAT
68.3
H1 FY17
PAT %
In Rs. Cr
10
89.1%
86.1%
62.1
69.9
20.2%
9.9%
15.9
53.5
26 %
Q2 FY16
31 %
Q2 FY17
Q2 FY16
6.2
Q2 FY17
EBIDTA
EBIDTA %
158 %
Q2 FY16
Q2 FY17
PAT
PAT %
13.6%
87.6%
85.4%
9.0%
139.9
19.1
122.5
107.9
92.2
30 %
H1 FY16
9.7
33 %
H1 FY17
H1 FY16
EBIDTA
Note: * Revenue from Operations, ** EBIDTA excluding Other Income
H1 FY17
EBIDTA %
H1 FY16
PAT
97 %
H1 FY17
PAT %
In Rs. Cr
11
6.9%
18.4%
307.8
297.4
9.1%
56.5
3%
52 %
27.2
0.5%
21.3
93 %
1.6
Q2 FY16
Q2 FY17
Q2 FY16
Q2 FY17
EBIDTA
EBIDTA %
Q2 FY16
Q2 FY17
PAT
PAT %
610.3
19.8%
4.2%
14.1%
46.5
121.0
89.3
4%
H1 FY16
26 %
H1 FY17
H1 FY16
EBIDTA
Note: * Revenue from Operations, ** EBIDTA excluding Other Income
43 %
H1 FY17
EBIDTA %
H1 FY16
PAT
26.5
H1 FY17
PAT %
In Rs. Cr
12
Consolidated
SEP-16
Consolidated
SEP-16
Total Debt
2,643.9
624.5
1,718.1
1,692.6
1,174.3
872.0
229.4
Others / Eliminations
150.5
Eliminations
297.6
Chemicals Business
-432.6
5,656.7
Total Debt
Consolidated
SEP-16
2,982.1
1,972.2
540.4
549.9
-1,414.3
1,000.3
5,630.6
SEP-16
Eliminations
-331.4
3,287.7
Consolidated
Total Equity
Chemicals Business
Wind Turbine Manufacturing Business
Wind Farming Business
Film Exhibition Business
Eliminations
Minority Interest
Total Equity
SEP-16
962.6
2,727.1
22.1
-92.7
0.2
3,313.7
SEP-16
0.5
In Rs. Cr
13
SHAREHOLDING STRUCTURE
Share Price Performance
Market Data
800
As on 11.11.16 (BSE)
5,745.2
600
400
200
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Price (Rs.)
523.0
10.99
Source: Company
Promoter &
Promoter
Group, 68.33
1.0
666.7 401.1
% Holding
Reliance Capital
1.82%
1.32%
UTI MF
1.19%
Fidelity Investments
1.13%
Birla Sunlife MF
1.12%
Source: Company
14
REVENUES *
1,193
1,154
1,141
1,321
1,338
26.2%
17.4%
17.0%
200
194
312
FY12
FY13
FY14
FY15
FY16
FY12
55%
6%
17%
16%
FY12
Caustic Soda
PTFE
6%
8%
34%
39%
38%
32%
10%
16%
11%
19%
15%
19%
21%
19%
2,142
25%
25%
19%
22%
FY13
FY14
FY15
FY16
14%
7%
Chloromethanes
Others
FY14
21.4%
22.1%
282
295
FY15
FY16
EBITDA Margin %
2.0%
Refrigerants
0.3
0.3
0.3
0.1
5.2%
0.7%
6.0%
7.8%
80
104
236
FY12
LEVERAGE ANALYSIS
REVENUES BREAKUP
5%
FY13
EBITDA
60
74
FY13
PAT
FY14
FY15
FY16
PAT Margin %
RETURN METRICS
0.2
11.0%
8.8%
4.7%
2,495
2,525
2,856
2,913
640
847
696
371
456
FY12
FY13
FY14
FY15
FY16
Net Debt
Equity
FY12
FY13
ROCE %
FY14
4.3%
3.6%
3.0%
FY15
FY16
ROE %
ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt)
Note: FY15 standalone PAT is adjusted to exclude Rs 302.7 cr gain from the Offer for Sale (sale of 1 cr Inox Wind Limited shares) by GFL as a part of Inox Wind Limited IPO.
In Rs. Cr
15
In Rs. Cr
REVENUES
CAGR: 26.2%
43.4%
7,199
27.6%
32.1%
17.3%
19.4%
2,830
FY12
3,166
3,452
5.4%
780
1,303
1,035
1,017
17.2%
18.1%
5,341
1,228
FY14
FY15
FY16
FY12
FY13
EBITDA
FY14
186
0.7
0.5
0.3
3,159
3,297
4,235
2,075
2,250
1,448
FY13
Net Debt
FY14
Equity
2,718
1,251
FY12
0.7
FY12
FY15
FY16
EBITDA Margin %
LEVERAGE ANALYSIS
5.5%
317
394
FY15
FY16
543
598
FY13
5.9%
FY13
PAT
FY14
PAT Margin %
RETURN METRICS
0.5
33.7%
31.1%
18.5%
17.7%
4,496
12.1%
7.3% 5.8%
8.4% 13.6%9.0%
2,442
FY15
FY16
Net Debt to Equity
FY12
FY13
FY14
ROCE %
Note: FY15 consolidated PAT is adjusted to exclude Rs 268.6 cr gain from the Offer for Sale (sale of 1 cr Inox Wind Limited shares) by
GFL as a part of Inox Wind Limited IPO.
FY15
FY16
ROE %
ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital
Employed = Equity + Total Debt)
16
ANNEXURE
17
DETAILED FINANCIALS
STANDALONE P&L STATEMENT
Particulars (Rs Cr)
Total Income from Operations
Cost of Material Consumed
Purchases of stock-in-trade
Excise Duty
Q2 FY17
Q2 FY16
YoY %
Q1 FY17
QoQ %
H1 FY17
H1 FY16
YoY %
360.9
354.7
1.8%
400.3
-9.8%
761.2
732.9
3.9%
93.2
97.5
-4.4%
93.9
-0.7%
187.1
185.1
1.1%
4.5
0.4
2.6
7.1
1.1
25.4
27.8
-8.6%
27.3
-6.9%
52.6
53.3
-48.8%
-15.8
-10.8
9.5
-6.3
18.3
31.9
25.2
26.2%
30.2
5.5%
62.1
51.9
19.5%
77.7
78.1
-0.5%
88.0
-11.7%
165.7
154.9
6.9%
1.2
-2.3
-1.4
-0.2
-5.3
68.2
62.6
9.0%
70.8
-3.6%
139.0
119.3
16.5%
74.7
76.1
-1.9%
79.5
-6.0%
154.2
154.4
-0.2%
20.7%
21.5%
-77bps
19.9%
84bps
20.3%
21.1%
-82bps
37.4
36.3
3.1%
36.8
1.4%
74.2
70.6
5.1%
15.2
11.7
30.3%
13.8
10.7%
29.0
21.7
33.8%
7.1
11.0
-35.1%
8.1
-11.8%
15.2
23.8
-36.1%
5.3
0.0
0.0
5.3
0.0
50.7
40.6
25.0%
48.3
4.9%
99.0
81.7
21.2%
15.4
13.9
10.9%
15.2
1.5%
30.6
27.2
12.5%
35.3
26.7
32.3%
33.2
6.5%
68.5
54.5
25.6%
9.8%
7.5%
226bps
8.3%
150bps
9.0%
7.4%
156bps
3.17
2.38
33.2%
3.05
3.9%
6.22
5.10
22.0%
18
DETAILED FINANCIALS
STANDALONE BALANCE SHEET
Particulars (Rs Cr)
SEP-16
11.0
Other Equity
2,971.1
2,982.1
Non-current Liabilities:
Borrowings
Other Non-current Financial Liabilities
SEP-16
Non-current Assets:
197.6
4.7
1,865.0
Capital Work-in-progress
86.4
Investment Property
10.9
46.0
Investments
517.2
Loans
162.5
13.0
14.0
151.4
189.8
2,852.4
406.0
Current Assets:
Provisions
Current Liabilities:
Borrowings
Trade payables
Other Current Financial Liabilities
Other Current Liabilities
Provisions
Total of Current Liabilities
Total Equity & Liabilities
376.7
73.5
137.0
20.3
Inventories
324.3
Investments
158.0
Trade receivables
354.8
12.9
220.5
32.9
8.1
47.9
615.6
1,151.3
Total Assets
4,003.7
4,003.7
19
DETAILED FINANCIALS
CONSOLIDATED P&L STATEMENT
Particulars (Rs Cr)
Total Income from Operations
Cost of Material Consumed
Purchases of stock-in-trade
Excise Duty
Changes in inventories of FGs, WIP, and stock-in-trade
Employee benefit expense
Power and fuel
Erection, Procurement & Commissioning Cost
Film Exhibition Cost
Foreign Exchange Fluctuation (Gain)/Loss (net)
Other Expenses
Expenditure Capitalised
EBITDA
EBITDA Margin %
Depreciation and amortization expense
Other Income
Finance Cost
Exceptional items
PBT
Tax Expense
PAT
Share of profit of associate
Share of Minority in (profit)/loss
PAT after minority interest and share of profit of associate
PAT Margin %
Earnings Per Share (EPS)
Q2 FY17
1,545.1
579.4
6.5
25.4
-4.4
87.8
100.6
98.2
86.7
-1.6
295.3
0.0
271.1
17.5%
88.3
18.6
60.4
7.0
148.1
37.2
110.9
0.1
-21.2
89.7
5.8%
8.28
Q2 FY16
1,770.3
824.4
0.4
27.8
-15.4
65.7
101.9
80.6
86.6
4.7
253.8
0.0
339.9
19.2%
81.1
27.0
57.3
0.0
228.6
72.3
156.3
-1.1
-44.8
110.3
6.2%
9.78
YoY %
-12.7%
-29.7%
-8.6%
33.7%
-1.3%
21.9%
0.1%
16.3%
-20.2%
-165bps
8.9%
-31.2%
5.4%
-35.2%
-48.5%
-29.1%
52.6%
-18.7%
-43bps
-15.3%
Q1 FY17
1,120.6
409.9
2.6
27.3
-30.8
83.3
114.2
38.5
95.4
-3.5
247.8
-94.7
230.8
20.6%
86.1
26.6
68.3
0.0
103.1
37.0
66.0
-1.9
-16.6
47.5
4.2%
4.30
QoQ %
37.9%
41.3%
-6.9%
5.5%
-11.8%
154.9%
-9.1%
19.2%
17.5%
-305bps
2.6%
-30.1%
-11.6%
43.7%
0.5%
67.9%
-28.0%
88.7%
156bps
92.6%
H1 FY17
2,665.7
989.3
9.1
52.6
-35.2
171.1
214.8
136.8
182.1
-5.1
543.1
-94.7
501.9
18.8%
174.4
45.2
128.7
7.0
251.1
74.3
176.9
-1.8
-37.8
137.2
5.1%
12.57
H1 FY16
3,159.0
1,336.7
1.1
53.3
16.4
131.6
201.2
157.0
171.8
11.1
463.7
0.0
615.3
19.5%
157.5
53.2
109.7
0.0
401.3
126.1
275.3
-2.6
-79.6
193.0
6.1%
17.61
YoY %
-15.6%
-26.0%
-48.8%
30.0%
6.8%
-12.9%
6.0%
17.1%
-18.4%
-65bps
10.7%
-14.9%
17.3%
-37.4%
-41.1%
-35.7%
52.5%
-28.9%
-96bps
-28.6%
20
DETAILED FINANCIALS
CONSOLIDATED BALANCE SHEET
Particulars (Rs Cr)
Share Holders Funds:
Equity Share Capital
Other Equity
Total of Shareholder Funds
Non-Controlling Interest
Non-current Liabilities:
Borrowings
Other Financial Liabilities
Provisions
Deferred Tax Liabilities (Net)
Other Non-current Liabilities
Total of Non-current Liabilities
Current Liabilities:
Borrowings
Trade payables
Other Financial Liabilities
Other Current Liabilities
Provisions
Current Tax Liabilities (Net)
Total of Current Liabilities
Total Equity & Liabilities
SEP-16
11.0
4,619.4
4,630.3
1,000.3
994.3
9.6
30.8
174.6
168.9
1,378.1
2,130.7
1,034.6
453.1
225.5
25.1
47.1
3,916.0
10,924.8
SEP-16
4,449.8
432.7
10.2
16.2
98.6
294.6
0.0
215.9
74.3
448.2
6,040.5
1,060.1
245.4
2,816.5
469.9
31.2
169.1
92.2
4,884.3
10,924.8
21
GROUP OVERVIEW
STRONG PEDIGREE
Listed Companies
Gujarat Fluorochemicals
Limited
Largest producer of
chloromethanes, refrigerants
and Polytetrafluoroethylene
in India
Pioneer of carbon credits in
India
Inox Leisure
Limited
Inox Renewables
Limited
Largest producer of
cryogenic liquid storage and
transport tanks in India
Offers comprehensive
solutions in cryogenic
storage, vaporization and
distribution engineering
State-of-the-art manufacturing
plants near Ahmedabad
(Gujarat) and at Una (Himachal
Pradesh) and new facility in
Madhya Pradesh. Madhya
Pradesh facility one of the
largest in Asia
Largest producer of
industrial gases in India
22
THANK YOU
Deepak Asher
Director and Group Head (Corporate Finance)
Email : deepakasher@gfl.co.in
Nilesh Dalvi
Dickenson Seagull IR
Contact No : +91 9819289131
Email : nilesh.dalvi@dickensonir.com