Manorama Industries reports Rs 8.91 Cr PAT in H1FY21, marginally up

- Performance Review and Analysis For the half year ended September 30, 2020 

MUMBAI, India, Nov. 13, 2020 /PRNewswire/ --

Highlights of the Financial Performance during the reporting period 

• Barring the impact of COVID-19, the company has achieved EBITDA 23.55% (before prior period item) as compared to 25.21% during the half year ended 31^st March, 2020.
• PBT stood at Rs.12.52 Cr. as compared to Rs.11.67 Cr. over the half year ended 31^st March, 2020. PBT includes reversal of depreciation amounting to Rs. 3.96 Cr. on account of change in estimates of useful life of assets based on technical advice taken by the company.
• PAT stood at Rs. 8.91 Cr. as compared to Rs.8.11 Cr. over the half year ended 31^st March, 2020.
• Revenue from Operations stood at Rs.76.63 Cr. as compared Rs. 93.78 Cr. over the half year ended 31^st March, 2020.
• During the period ended 30^th September, 2020 cash inflow from operating activities stood at Rs. 17.88 cr.

MANAGEMENT COMMENTS:-    

           Stepping Up To Pandemic Challenge

• Maintained Supply chain efficiently and procured Sal Seeds and Mango Kernel Seeds from Tribals in the state of Chhattisgarh, Odisha, Jharkhand and currently Company is procuring Shea nuts from its procurement network in the West African countries of Ghana, Benin, ivory coast, Togo, Nigeria, even during this pandemic situation observing government guidelines strictly. Made timely payment to seed collectors. Happy to share that Supply chain remains unaffected due to pandemic.
• First half has been slow due to COVID-19. It had restricted movement of material and people which has impacted the exports and domestic sales of the Company.
• The speed of shipment has already accelerated. As it progresses, the inventory level would be normalized considering the position of sale orders in hand.

Innovate new product opportunities and business update    

• The Company has already successfully added new customers in food and cosmetic segment. The new plant has stabilized now and the results will be visible going forward.
• The Company is constantly incurring expenditure on account of research & development on new products for application into confectionary and cosmetic.
• During the period, the company has invested Rs.5.60 Cr on account of CAPEX at its Birkoni plant.
• During the period under reporting, the Company has successfully produced quality product from shea based specialty fats and butters.
• The Company has been highlighted into many media outlets including Business India magazine, Forbes India magazine, Oils and Fats International (OFI) magazine.
• The key acetone fractionation plant of the Company, which is extremely technical and scientific, was initially commissioned in March, 2020. However, due to COVID-19 situation the Company faced hurdles and many bottlenecks in terms of imported parts, technical issues, non-availability of support from suppliers of key equipment, disruption in supply of key components. We are hereby very happy to report that since September, the Company has not only successfully operationalized the acetone fractionation plant but also successfully optimized the plant to its full potential.
• The Company has started procedure to migrate from SME Platform of BSE into main board Platform of BSE, accordingly e-voting facility for passing resolution through postal ballet was commenced on 05^th November, 2020, scheduled to be ending on 04^th December, 2020.

About Manorama Industries Limited (BSE: 541974)

Manorama Industries Ltd, having a rich history & is an acknowledged global leader in super specialty tailor made fats and Cocoa Butter Equivalent (CBE) used in chocolate, confectionery and cosmetics in global sector.

Sustainable growth is fundamental to Manorama's business and a key objective of our strategy. For us, sustainable growth is about our responsibility and commitment towards our key stakeholders -global and local customers, Bankers, Investors, suppliers, employees, and the communities in which we operate.

For more details please refer company's website: www.manoramagroup.co.in

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