Praj Industries (Praj), a globally leading engineering company with a portfolio of sustainable solutions for Bioethanol, Compressed biogas, Critical process equipment & skids, Breweries, Industrial wastewater treatment and High purity water, announced its audited financial results for Q4 & FY20.
Performance Review for Q4 FY20 - Consolidated:
· Income from operations stood at Rs. 296.29 crore (Q4 FY19: Rs. 368.17 crore, Q3 FY20: Rs. 300.34 crore)
· PBT is at Rs. 31.67 crore for the period (Q4 FY19: Rs. 41.20 crore, Q3 FY20: Rs. 24.33 crore)
· PAT is at Rs. 24.86 crore (Q4 FY19: Rs. 33.36 crore, Q3 FY20: Rs. 20.67 crore)
Performance Review for FY20 - Consolidated:
· Income from operations stood at Rs.1102.37 crore (FY19: Rs. 1141.11 crore)
· PBT is at Rs. 83.13 crore for the period (FY19: Rs. 87.94 crore)
· PAT is at Rs. 70.43 crore (FY19: Rs. 68.22 crore)
· The consolidated order backlog as on March 31, 2020 stood at Rs. 1083 crore, which comprised of 88% from domestic orders and 12% international orders
Commenting on the Company’s performance for Q4 & FY2020, Mr. Shishir Joshipura, CEO & MD, Praj Industries said, “Even as economy posed the usual challenges for most part of the FY19-20 we continued to build on our strategy of customer centric innovation. We are cognizant of the challenges posed by the current pandemic crisis and are working with all our stakeholders to address the same. Praj’s resilience and innovation spirit will help us emerge stronger in the next normal”
· US based Biofuels Digest, the world's most read biofuels daily, announced Praj Industries being ranked No. 1 among the Best Places to Work in the advanced bioeconomy 2020. The survey was conducted among its readers worldwide. Praj leads the pack of 297 organizations globally to secure this great honor.
· The government has allowed conversion of surplus rice, available with the Food Corporation of India (FCI), to ethanol for making alcohol-based hand wash sanitizers (HWS) and blending in petrol. This will help bridge the gap in demand supply of HWS and improve the ethanol blending percentage.
· Praj Industries signed a cooperation agreement with Sekab E-Technology AB, Sweden to upgrade and commercialize base technology to produce advanced biofuels and bio-chemicals from forest residue as feedstock. Praj will add significant value to Sekab's CelluAPP technology of converting forest residue in the form of softwood to ethanol, through Praj’s proven capabilities to improve, optimize, integrate and scale up advanced biofuel technologies globally.
· Praj Industries has developed unique process technology that helps formulate alcohol into high quality sanitizers. Understanding the seriousness of the fight against the virus Praj is offering open and free access to the technology on its company website. Praj is also providing remote engineering and commissioning assistance to produce sanitizers. Praj is also geared up to manufacture and supply specialised reactors required for production of sanitizers on a fast-track basis.
· The global economic and business environment has been highly disruptive due to Covid- 19 pandemic. As a result, the operations of the Company were halted from 24th March, 20. The Company has evaluated the impact of Covid 19 on the operations of the Company, order booking and revenue, cash flow, assets and liabilities and factored in the impact of it upto the date of approval of these financial results on the carrying value of its assets and liabilities.
Even though, it is very difficult to predict the duration of the disruption and severity of its impact, on the basis of evaluation of overall economic environment, outstanding order book, liquidity position, debt free status, recoverability of receivables, the Company expects to recover the carrying amount of these assets and currently does not anticipate any further impairment of it.
· Based on the opening of economic activity, the Company has partially started operations at all of its factories and also at its R & D Centre, Matrix in a phased manner from 21st April, 2020.
· As a responsible corporate citizen and to show our solidarity to the major initiative undertaken by the government, Praj contributed Rs. 1.76 cr. to combat the pandemic; Rs. 1.01 cr. to the PM Cares Fund, Rs. 50 Lakhs to Maharashtra Chief Minister’s Relief Fund, Rs 10 Lacs to Gujarat CM fund and Rs. 25 Lakhs to Pune Platform for Covid-19 Response assisted by MCCIA.