Analyst Meet / AGM 18-Feb-20
Conference Call
Apcotex Industries
Expects significant growth in volumes in Q4FY20
Apcotex Industries held a conference call to discuss the results for the quarter ended December 2019 and way forward. Mr. Abhiraj Choksey- Managing Director and Mr. Anand V Kumashi- Company Secretary of the company addressed the call.
Highlights of the Concall
The capex spend for the first phase post-acquisition was planned for Rs. 100 crore (for FY 2017-18, FY 2018-19 and FY 2019-20) out of which is Rs. 85 crore has been invested till December 2019 and rest will be completed by end of Q4FY20.
Captive Power plant will be commissioned shortly resulting in savings in Valia power costs in Gujarat from April 2020.
Debottlenecking project will be completed in Q1FY21 which will increase production capacity to about 20,000 tonne per annum (tpa) and will also help in reducing operational costs per tonne
Several other cost savings projects are being implemented over the next 1-2 quarters.
Designing/Consent Applications for 2 major projects has started – XNBR Latex (Rs 60 crore) and Polymerization Line 2 (Rs 180 crore).
Slowdown in Auto and allied industries affected NBR business volumes and margins.
Overall sluggishness in Indian market affected volumes to Paper, Carpet and Construction industries as well but smart recovery seen in early Q4.
Exports were down due to much lower monomer prices in Europe vs. Asia in Q3 which has now corrected in early Q4
The company is concerned about the gross margins in NBR and does not expect margins to recover soon at least in Q4FY20 mainly due to increase in higher imports particularly from Korea. Gross margins in all other products are good.
The company expects significant growth in volumes in Q4FY20 and as a result better sales.
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