Revenue from operations increased by 16.73% YoY to Rs 210.46 crore during the quarter.

EBITDA rose by 64.41% to Rs 17.01 crore in the second quarter as compared with Rs 10.34 crore in the same period last year. EBITDA margin was 8.08% in Q2 FY24 as against 5.74% in Q2 FY23.

Profit before tax in Q2 FY24 stood at Rs 12.78 crore, up by 112.70% from Rs 6.04 crore in Q2 FY23.

“Company has witnessed significant double digit volume growth in both the quarters Q1 and Q2. Both rural and urban markets are looking up in terms of growth due to higher consumer spending and significant increase in business activity.

There is a significant increase in demand of Black masterbatch. Company has taken steps to augment its capacity in Black masterbatch. Roorkee manufacturing unit has started commercial sale of Black masterbatch in Q2. Additional capacity of Black masterbatch is set up in Palsana manufacturing unit which will be functional from Q3,” Plastiblends India said in a statement.

The company continues to remains net cash surplus by investing appox Rs 28 crore in mutual fund.

As compared with earlier year, the average sales realization per kg has reduced due to softening of raw material prices.

The energy cost per KWH has increased substantially in all manufacturing locations. The company stated that it is actively considering an action plan to address this challenge.

During Q2, company participated in ODISHA PLAST International Expo 2023 in Odisha and COMPLAST exhibition in Sri Lanka which has generated positive response.

S. N. Kabra, chairman & managing director, said, “During Q2, robust profit growth is the result of a series of strategic moves namely expanding market presence, improving product mix, enhancing operational efficiency and prudent financial management.”

Plastiblends India is into manufacturing of masterbatches, which finds applications in various plastic processing industries such as flexible packaging (FMCG, package and fast food, etc.), consumer durable (electronic appliances, furniture, toys, luggage, house ware etc.), health care, agriculture, irrigation, piping, textiles, telecom, infrastructure etc.