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GFL Ltd.

BSE: 500173 | NSE: GFLLIMITED |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE538A01037 | SECTOR: Chemicals

BSE Live

Sep 29, 10:02
85.00 -1.55 (-1.79%)
Volume
AVERAGE VOLUME
5-Day
3,186
10-Day
2,899
30-Day
4,403
564
  • Prev. Close

    86.55

  • Open Price

    85.00

  • Bid Price (Qty.)

    84.80 (104)

  • Offer Price (Qty.)

    85.00 (260)

NSE Live

Sep 29, 10:02
84.85 -2.00 (-2.30%)
Volume
AVERAGE VOLUME
5-Day
29,328
10-Day
29,031
30-Day
43,452
2,987
  • Prev. Close

    86.85

  • Open Price

    84.65

  • Bid Price (Qty.)

    84.90 (55)

  • Offer Price (Qty.)

    85.00 (30)

Annual Report

For Year :
2015 2014 2002

Chairman's Speech

Dear Shareholders, We are delighted to present to you to our 28th Annual Report of your Company for the Financial Year 2014-15. This year has been a milestone in making GFL one of the most successful promoters in the Initial Public Offerings (IPO) market. The key highlight of the year was the public issue of our wind energy business with the launch of Inox Wind Limited (IWL) as a listed company in March 2015. The issue received an over-whelming response from all categories of investors, witnessing an over-subscription of 18.6 times. We extend a warm welcome to each investor to the Inbox family and express our sincere thanks for making the IPO a grand success. We are delighted to share with you the progress made in all our businesses in the Financial Year 2014-15. Consolidated Operational and Financial Highlights: At the consolidated level, our total revenues increased by 54.74%, from Rs. 3,45,154 Lakh in FY2013-14 to Rs. 5,34,081 Lakh in FY2014- 15. Our EBITDA and other income increased by 73.03% from Rs. 59,815 Lakh in FY2013-14 to Rs. 1,03,501 Lakh in FY2014-15. Our PAT improved by 214.48% from Rs. 1,861.02 Lakh in FY2013-14 to Rs. 5,852.65 Lakh in FY2014-15. PAT margin at a consolidated level has improved from 5.40% to 11.00%. We are pleased to say that these results are the outcome of robust performance from each of our business verticals. The break-up of our consolidated revenues comes from the four key segments the chemicals business, the wind turbine manufacturing business, the flm exhibition business, and the wind farming business, which contributed 25%, 51% and 19% and 5% to total revenues, respectively. Chemicals Business: We are pleased to inform you that we performed reasonably well across all our product segments within our chemicals business. Looking at the financial performance of our chemicals business on a standalone basis, we are pleased to inform you that revenues rose by 15.78% from Rs. 1,14,094 Lakh in FY2013-14 to Rs. 1,32,097 Lakh in FY2014-15. In parallel, our EBITDA and other income improved by 46.56% from Rs. 18,977 Lakh in FY2013-14 to Rs. 27,812 Lakh in FY2014-15, signifying an improvement in EBITDA margin from 17% to 21%. Our PAT went up by 414% from Rs. 7,443 Lakh in FY2013-14 to Rs. 38,235 Lakh in FY2014-15, with PAT margins improving from 7% to 29%. The strong growth in revenues resulted from a combination of the introduction of specialty chemicals and exports of refrigerants, along with improvements in margins due to higher operating leverage and efficiencies. In our chemicals business at GFL, we are reaching an infection point where our size, scale, operational efficiencies, investments made in marketing efforts and high value-added manufacturing is placing us in a sweet spot for increasing market share in the global markets. As we grow our customer base and start seeing the fruits of our efforts on developing high-value products and getting customer approvals for our various grades, we are well positioned to deliver superior business performance with all our KPIs improving steadily. Our integrated manufacturing capability and size will continue to give us economies of scale and keep us competitive in the PTFE marketplace. With this, we expect capacity utilization to improve from our current levels of around 60% to reach near-full capacity utilization over the next 2-3 years. Higher capacity utilization and increased contribution from the higher value-added PTFE grades will result in a positive operating level and improvement in our operating margins. Our focus on waste recovery and other cost optimization schemes should also bring down the operating cost across the value chain. Finally, we expect good results from our focus on HF and TFE based four specialty chemicals that are used by pharmaceutical and agro-chemical industries. Wind Turbine Manufacturing Business: IWL''s strong operating performance, dynamic management team, superior product quality, meticulous project delivery capabilities, excellent technology tie-ups and a major thrust of the Government on renewable have made us India''s leading manufacturer of wind turbine generators (WTGs). Despite the sector facing challenging times in recent years, IWL has rapidly scaled up in the last 4 years, with our annual WTG sales increasing more than four-fold from 120 MW in FY2011-12 to 578 MW in FY2014-15. This was possible on the back of our unflinching commitment to invest into our business, even while the rest of the industry is in a stagnant mode. Our Consolidated Revenues, EBITDA and PAT for FY2014- 15 stood at Rs. 2,70,993 Lakh, Rs. 45,744 Lakh and Rs. 29,642 Lakh respectively, resulting in a corresponding YoY growth of 73.00%, 159.50% and 124.10%, and a CAGR growth of 147.8%, 150.1% and 160.9%, respectively, over the last five years. We have a good visibility of a strong order book of 1,178 MW with a diversified and reputed clientele, and a land bank equivalent to 4,402 MW. Our 100 meter rotor diameter turbine is expected to be a game changer in the wind industry in India. With the expansion of our manufacturing facilities and project execution teams and with new product launches, we expect to be amongst the top of the industry players. Film exhibition Business: At Inox Leisure Limited (ILL), despite indifferent content, we were able to deliver relatively good performance essentially due to our focus on strengthening non-box-office revenues during the year. Our Consolidated Revenues increased 17% to Rs. 10,168.10 Lakh from Rs. 8,688.3 Lakh in FY2013-14. EBITDA increased by 1% from Rs. 12,196 Lakh in FY2013-14 to Rs. 12,277 Lakh, in FY2014-15, whereas Profit after Tax fell 46% from Rs. 369.4 Lakh from FY2014- 15 to Rs. 200.4 Lakh in FY2013-14. We opened 9 properties with 27 screens during the year. We acquired the regional cinema chain Satyam Cineplexes, which has 9 properties and 38 screens operational, and currently have a pipeline of 40 properties and 180 screens. Wind Farm Business: Inox Renewables Limited (IRL) has a present portfolio of 233 MW installed capacity in three different States Rajasthan, Maharashtra and Tamil Nadu. These projects fall under the annuity business with stable assured returns and rely on internal strength. IRL''s revenues have increased by 9% from Rs. 17,324 Lakh in FY2013-14 to Rs. 18,883 Lakh in FY2014-15. EBITDA increased by 12.9% from Rs. 15,566 Lakh in FY2013-14 to Rs. 17,581 Lakh in FY2014-15, whereas Profit after Tax decreased by 70.8% from Rs. 1,537 Lakh in FY2013-14 to Rs. 448 Lakh in FY2014-15. Concluding Remarks Our leadership team thrives on challenges in staying relevant in today''s dynamic business scenario. We continue to drive innovation and push for growth in each of our businesses, and stand form in our commitment to build a sustainable business, deliver value to all our stakeholders and serve India''s vibrant economy. Your Company has a great formula for growth, with a healthy outlook book across all its businesses and a strong balance sheet. We take this opportunity to thank our shareholders and our employees for their continuous support in our journey. Thank You, Vivek Jain Managing Director