MUMBAI, May 12, 2019 /PRNewswire/ --
Top Highlights of the Financial Performance and other Activities during this period
- Manufacturing turnover increased by 67 % to Rs. 102.87 Crore for FY2018-19 in compared to the previous year which was Rs. 61.33 Crores.
- EBIDTA from manufacturing has increased to Rs. 31.86 Crore for the FY2018-19 as compared to previous year Rs. 19.33 crore.
- PAT from manufacturing activity has registered a growth of 76 % over the corresponding previous year.
Manorama Industries Ltd, company with a rich history and is an acknowledged global leader in super specialty tailor-made fats and Cocoa Butter Equivalent (CBE) used in chocolate, confectionery and cosmetics global sector, has declared annual result for year 2018-19.
Financial Performance as on March 31, 2019:
Revenue from manufacturing operations for annual year ended March 31, 2019 stood at Rs. 102.88 crore, as compared to Rs. 61.33 crore in the corresponding last period. Exports contributed 46% to the revenue. The company has discontinued trading operation in current year which contributed Rs. 157.90 Crore in revenue in 2017-18.
Manorama Industries Ltd.'s Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) from manufacturing activity in year ended March 31, 2019 stood at Rs. 31.87 crore, up 65% from previous year Rs. 19.33 crore.
The company reported an increase of 76 % in PAT from manufacturing activity to Rs. 19.06 crore for the year ended March 31, 2019 compared to last financial year.
Sustainable growth is fundamental to Manorama's business and a key objective of company's strategy. For Manorama, sustainable growth is about its responsibility and commitment towards its key stakeholders - global and local customers, investors, suppliers, employees, and the communities in which company operates.
Speciality Butters, Cocoa Butter Equivalent (CBE), tailor-made value-added speciality fats and butters manufactured and supplied by Manorama Industries Limited is from forest butter seeds such as Sal, Mango, Kokum, Mahua, Dhupa, and Shea. A network of more than millions of forest dwellers-tribals carry out the collection of seeds for the company who are spread across the forests of Jharkhand, Odisha, Chhattisgarh, Madhya Pradesh and parts of other states. It is the first and only company to use such an extensive network to collect tree borne butter seeds.
New Manufacturing Plant
To meet the huge surge in specialty tailor-made fats and CBE demand, the company is setting up an integrated manufacturing plant at Birkoni, near Raipur, Chhattisgarh. This will include all the processes viz Crushing, Extraction, Refining, Fractionation, Interesterification etc. Setting up of the new plant will result into increased manufacturing capacity of 5 times from current level. Apart from this, the state-of-the-art new facility will bring in increased efficiency in terms of Resource Management and Productivity. It will enable company to add/develop range of multiple new products. In first phase of expansion refining and Interesterification is expected to commence from July 2019 and Acetone Fractionation expected to commence it's operations from September 2019. The company is developing more new niche products under the leadership of Mr. Krishnadath Bhaggan PHD (Vice President- Innovation and R & D) and Mr. Gautam Kumar Pal (Director- Technical).
Awards & Recognitions
The company has received various awards and recognitions during the year and some are:
- Introduction of CBE in India Award for Highest Unique Excellence in Innovation presented by Shri Ramvilas Paswan, Senior Cabinet Minister, Food & Consumer Affairs, Government of India .
- Export Award for Highest Exporter of Fixed Vegetable Butters & Others by Shellac, Ministry of Commerce & Industry Government of India & Economic Times presented by Shri Suresh Prabhu, Senior Cabinet Minister, Commerce & Industry, Government of India.
- They are the signature member of the 'United Nation Global Compact'. With this, the company supports the Nation's commitment to the 'UN Sustainable Development Goals (SDGs)'.
Industry Growth Outlook
Global cocoa butter alternatives or Cocoa butter equivalents (CBE) market has witnessed phenomenal growth over the last few decades. Also there is huge domestic demand spurt with the Indian government allowing use of 5% CBE in chocolates effective January 1, 2018 in chocolate industry. With rising awareness about natural skincare and beauty products, emphasis on personal grooming by both men & women is expected to contribute to cosmetics industry to a significant extent.
About Manorama Industries:
Manorama Industries operates in an attractive sector with strong growth prospects, underpinned by favorable trends such as growth in population, per-capita food consumption. Manorama names some of the leading Fortune companies from the cosmetic, chocolate and food sectors among its customers.
Certain statements that are made in the Press Release may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, import duties, labour relations, litigation, etc. Actual results might differ substantially from those expressed or implied. Manorama Industries Ltd will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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