Earnings Call Overview
• Date: May 21, 2024
• CEO: Atil Parikh
• Focus: Financial results for the quarter and year ending March 31, 2024
Company Highlights
• Leadership in industrial minerals with a diverse product range.
• Operates nine manufacturing facilities and five captive mines in India.
• Serves over 200 global clients, including Berger Paints and ONGC.
• Recent expansions into Eastern Europe and a joint venture with Sievert in construction chemicals.
Revenue Growth and Opportunities
• Concerns raised about 10% CAGR revenue growth.
• Atil emphasized maintaining a healthy bottom line while pursuing growth.
• Opportunities identified in paint, plastics, and specialty products.
• Focus on product development and distribution network expansion in retail segments.
Financial Projections
• Expected revenue growth of 10%-15% for FY25.
• Anticipated margin improvements and management of free cash flow.
• Plans for a 25% dividend and capital expenditures for capacity building.
Market Conditions and Strategic Focus
• Current market uncertainty due to elections; optimism for economic growth.
• Shift in international focus from North America and Western Europe to Middle East, South Asia, and Latin America.
Revenue Composition and Supply Chain
• 20% of revenue from value-added products; 80% from industrial minerals (mainly calcium carbonate).
• Achieved 14% volume growth in FY24 (450,000 metric tons).
• Addressed supply chain challenges, including increased freight costs.
Export Performance
• Export revenue contributed 15% to overall revenue with 5%-7% year-over-year growth.
• FOB values increased by 18%-20%.
• Optimism for sustained export growth, particularly in Asian markets.
Debt and Financial Health
• Net debt reduced by 23% to INR 55 crore; total borrowings slightly increased to INR 115 crore.
• Cash and bank balances noted at INR 60 crore.
• Plans to fund future expansions through internal accruals.
Conclusion
• Atil Parikh expressed confidence in the company's growth, innovation, and commitment to stakeholder value.

Earnings Overview
• Date of Call: October 26, 2023
• Revenue: ₹1,997.03 million (6.35% increase)
• EBITDA: 28.25% increase
• PAT: 34.24% increase
• Key Revenue Sources:
• Paint industry: ~50%
• Exports: ~16%
Company Operations
• Leadership: CEO Atil Parikh
• Focus Areas:
• R&D, innovation, technology upgrades
• Market expansion in the Middle East and Southeast Asia
• Product Breakdown:
• Calcium carbonate: 50% of revenue
• Other products: kaolin and talc
Client Contracts and Collaborations
• Major Clients: Grasim and JSW
• Status: Approved vendor for JSW; trial orders with Grasim
Financial Projections
• Revenue Growth Target: 15-18% for the year
• H1 Revenue: Increased from INR 374 crores to INR 391 crores
Joint Ventures and New Technologies
• Joint Venture: Ongoing negotiations with German company Sievert for construction chemicals
• Expected Innovations: New technologies not currently produced in India
Capacity and Utilization
• Current Capacity: ~85%
• Manufacturing Approach: Mix of in-house, toll, and contract manufacturing
Debt Management
• Long-term Debt: Manageable and expected to be repaid soon
• Export Revenue Contribution: 15-16% of overall revenue
Margins and Return Ratios
• Current Margins: Stable at 14-15%
• Future Goals: Sustainable margins through cost improvements and new product introductions
Capital Expenditure (CapEx) Plans
• Traditional CapEx: INR 10-15 crores for machinery upgrades
• Future Investments: Under evaluation due to market dynamics
New Product Lines
• Potential Growth Areas: Mineral fertilizers and construction chemicals
• Current Contribution: 1-2% of revenue, with growth potential to INR 250 crores in five years
Raw Material Sourcing
• Sourcing Strategy: 40% imported, 60% locally sourced
• Ownership: Five mines owned, with additional procurement from third parties
Lease and Royalty Payments
• Clarification: No lease payments; royalties based on mined material from owned mines