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For the quarter ended March 2019, it registered a 15% rise in consolidated sales to Rs 1082.06 crore. OPM imprioved 20 bps to 15.7%, which saw OP rise 16% to Rs 169.61 crore.
Other income grew 110% to Rs 2.37 crore and interest cost grew 11% to Rs 27.42 crore. As depreciation stagnated at Rs 38.44 crore, PBT went up 27% to Rs 106.12 crore.
Tax rose 14% to Rs 30.30 crore (tax incidence fell from 32% to 29%) after which PAT went up 33% to Rs 75.83 crore.
Minority interest grew 26% to Rs 2.16 crore after which net profit went up 33% to Rs 73.67 crore.
FY 2019 results
In FY 2019, it registered a 15% rise in consolidated sales to Rs 3563.74 crore. OPM fell 60 bps to 14.7% which saw OP rise 11% to Rs 523.50 crore.
Other income jumped 50% to Rs 3.22 crore and interest cost grew 13% to Rs 98.65 crore. As depreciation grew 6% to Rs 146.15 crore, PBT went up 13% to Rs 291.93 crore.
Based on past experience working of depreciation has been changed wef 1st October, 2018 based on Realistic useful life of Plant & Machineries including moulds, resulting lesser depreciation of Rs 6.19 crore year to date.
Tax grew 13% to Rs 73.42 crore (tax incidence stayed at 26%) after which PAT went up 13% to Rs 208.51 crore.
Minority interest grew 18% to Rs 5.79 crore after which net profit went up 12% to Rs 202.73 crore.
Consolidated segment performance
During the quarter Polymer Products grew 15% to Rs 781.52 crore and contributed 72% of the total revenue. PBIT grew 20% to Rs 93.33 crore and accounted for 71% of total
During the quarter Composite Products grew 15% to Rs 300.54 crore and contributed 28% of the total revenue. PBIT grew 29% to Rs 37.83 crore and accounted for 29% of total
In FY 2019, Polymer Products grew 15% to Rs 2527.03 crore and contributed 71% of the total revenue. PBIT grew 11% to Rs 266.55 crore and accounted for 71% of total
In FY 2019, Composite Products grew 15% to Rs 1036.71 crore and accounted for 29% of the total revenue. PBIT grew 16% to Rs 110.80 crore and accounted for 29% of total
Other details
During the FY the company:
Completed Greenfield manufacturing project for manufacturing of IBC Bottle in Chicago, USA and commenced commercials sales which received overwhelming response
Project of Greenfield manufacturing facility at Malur near Bengaluru, India for manufacturing of packaging product is completed and production started in Q1 of 2019.
Launched new range of next Generation Matting products i.e Duro Gel and Duro Comfort and is receiving encouraging response.
The Board declared a dividend of Rs 0.90 (against Rs 0.80) for FY 2019.
Valuation
The stock trades at Rs 102.
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