Capitaline

Consolidated net sales (including other operating income) of Avantel for the quarter ended Sep 2023 has increased 49.96% to Rs 54.33 crore. Operating profit margin has jumped from 27.71% to 45.92%, leading to 148.51% rise in operating profit to Rs 24.95 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.15% to 25.86%. Employee cost increased from 12.75% to 16.13%. Other expenses fell from 15.55% to 12.36%. Other income rose 566.67% to Rs 0.4 crore. PBIDT rose 150.99% to Rs 25.35 crore. Provision for interest rose 33.63% to Rs 1.51 crore. PBDT rose 165.77% to Rs 23.84 crore. Provision for depreciation rose 20.59% to Rs 1.64 crore. Profit before tax grew 191.72% to Rs 22.20 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 6.13 crore, compared to Rs 1.47 crore. Effective tax rate was 27.61% compared to 19.32%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 161.73% to Rs 16.07 crore.

Consolidated net sales (including other operating income) for the half year ended Sep 2023 has increased 95.03% to Rs 123.28 crore. Operating profit margin has jumped from 27.62% to 31.80%, leading to 124.51% rise in operating profit to Rs 39.20 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 48.01% to 39.34%. Employee cost increased from 11.75% to 13.09%. Other expenses fell from 15.64% to 11.28%. Other income rose 400% to Rs 0.6 crore. PBIDT rose 126.39% to Rs 39.8 crore. Provision for interest rose 65.75% to Rs 3 crore. PBDT rose 133.35% to Rs 36.8 crore. Provision for depreciation rose 18.45% to Rs 3.21 crore. Profit before tax grew 157.20% to Rs 33.59 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 9.51 crore, compared to Rs 2.54 crore. Effective tax rate was 28.31% compared to 19.45%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 128.90% to Rs 24.08 crore.

The Board of Directors has considered, approved and recommended the issue of Bonus Shares in the ratio of 2:1 i.e., 2 Equity Shares for every 1 equity share held by the equity shareholder of the Company as on a Record Date to be fixed thereon. The bonus issue of equity shares is subject to the approval of the shareholders through Postal Ballot, and any other applicable statutory and regulatory approvals, as may be required. The Bonus shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares and shall be entitled to participate in full in any dividend and other corporate action, recommended and declared, if any, after the issue and allotment of such Bonus Shares.

The Board of Directors has constituted and authorized the Share Allotment Committee (SAC) to fix the Record Date for the purpose of Bonus Issue, allotment of Bonus Shares and to consider various matters related with the said Bonus Issue.

Loan funds declined from Rs 37.55 crore as of 30 September 2022 to Rs 19.78 crore as of 30 September 2023. Inventories declined from Rs 37.09 crore as of 30 September 2022 to Rs 24.76 crore as of 30 September 2023. Sundry debtors were higher at Rs 78.72 crore as of 30 September 2023 compared to Rs 36.86 crore as of 30 September 2022. Cash and bank balance declined from Rs 6.84 crore as of 30 September 2022 to Rs 6.68 crore as of 30 September 2023. Fixed assets increased to Rs 43.03 crore as of 30 September 2023 from Rs 35.87 crore as of 30 September 2022.

Cash flow from operating activities has turned positive Rs 24.89 crore for YTD ended September 2023 from negative Rs 12.75 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 3.25 crore, compared to Rs 4.72 crore during the YTD ended September 2022.

Equity capital stood at Rs 16.22 crore as of 30 September 2023 to Rs 16.22 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00. Promoters’ stake was 40.10% as of 30 September 2023 ,compared to 40.14% as of 30 September 2022 .