Clean Sciences Q1 2023 Concall Highlights

  • Cash balance of 280 cr
  • Performance chemicals contributed 66% of revenues
  • Pharma and agro chemicals 23%
  • FMCG 10% of revenues
  • Capex in Q3 – 23 cr
  • Increased capacities of MEHQ and Guiacol increased by 50% and plants are operational, currently 50%-60% capacity utilization
  • Planning to increase Para Benzoquinone PBQ Capacity from 500 MT to 1000 MT in coming months.
  • 2 new facilities construction in unit 3  is on going and it will be used for HALS Series and will be operational till H2 FY 23 (December)
  • TBHQ is used as Antioxidant in food industries – Validation with customers are going on. Clean Sciences running it’s capacities at 35-40%
  • PBQ – Used in agro chemcials. This product is manufactured in China while clean sciences is catering the demand from Indian Clients. As dollar nearing $80 
  • Customers will relay more on domestic manufacturers like clean sciences and they are increasing the wallet share with customers.
  • Clean sciences is ready for the competition if it comes as clean sciences invented these processes and they keep improving the yields
  • Expansions :
    HALS – Commercialize till Dec, there no producer of HALS in India. Asset turns 3.5 to 3.7x
  • BASF increased the price hike of HALS series due to higher energy prices. Clean sciences will not be increasing the prices as customers are not able to absorb the price increase but clean sciences share with customer will increase. During such time clean sciences strengthen the relations with clients by keeping the prices similar
  • Increased R&D strength from 50 people to 70.
  • 25-30% clean sciences revenues are contracted
  • Clean sciences selling the products to API manufacturers and not to innovators.
  • Some of the products which are not manufactured in India, which clean sciences in manufacturing (China +1 )
  • Even with lockdowns in china, demand didn’t got slowed down.
  • Initially had market share of 50-52% market share in MEHQ now clean sciences have 60-62% market share
  • Vinati Organics is adding the capacity for MEHQ while validation and commercialization takes time
  • Phenol is key raw material – 40 to 50% of raw material requirement
  • Register to model portfolio to watch detailed analysis on other real estate developers like ajmera realty

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