Bodal Chemicals Limited — PPTs, 14-11-2024: Investor Presentation

**Financial Highlights:**

Bodal Chemicals achieved consolidated revenue of ₹8,581 million in H1FY25, marking a 27% year-on-year increase, primarily driven by a 48% growth in dye intermediates. EBITDA improved to ₹747 million, up 24% year-on-year. Despite this, the company reported a net loss of ₹14 million due to increased overhead from the ongoing benzene downstream project at Saykha, which has yet to contribute to revenue.

**Strategic Initiatives and Growth Drivers:**

Revenue from the chlor-alkali segment rose by 20% year-on-year to ₹1,550 million, demonstrating potential for further growth amid improving chlorine demand. The Saykha Greenfield project is expected to begin generating revenue by Q4FY25 following the completion of necessary certifications for pharmaceutical applications.

**Business Developments:**

Subsidiary performance remains mixed; the Turkish unit Sener Boya faced hyperinflationary pressures, while operations in China and Indonesia performed satisfactorily. Management is optimistic about achieving volume growth as market conditions stabilize.

**Market Position and Competitive Advantage:**

Bodal’s integrated model improves cost competitiveness and mitigates risks from commodity price fluctuations. The strategic location of manufacturing facilities in Gujarat supports logistical advantages for exports, with around 28% of revenues derived from international markets.

**Investor Implications:**

The company's emphasis on expanding its dye intermediate and chlor-alkali segments, coupled with ongoing capacity expansions, suggests a positive outlook for long-term growth despite current volatility. Investors should monitor developments related to the benzene project and fluctuations in international markets closely.