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Net sales
(including other operating income) of Plastiblends India has declined 11.93% to
Rs 185.35 crore. Operating profit margin
has declined from 6.86% to 5.28%, leading to 32.22% decline in operating profit
to Rs 9.78 crore. Raw material cost as a
% of total sales (net of stock adjustments) increased from 76.06% to
76.17%. Employee cost increased from
4.63% to 5.41%. Other expenses rose
from 12.45% to 13.33%.
Several
sectors which use Masterbatches viz. Irrigation, Piping, Textile, Agriculture,
Flexible packaging (FMCG etc.) were having subdued demand in Q2. Many states
experienced untimely extreme heavy rainfall triggering widespread waterlogging,
flooding, power outages etc. resulting into loss of business. The consumer
spending which was expected to significantly go up also took breather due to
economic uncertainties. Lower-than-anticipated budgeted spending by the Central
Government in Agriculture & Infrastructure sector. Raw Material prices
exhibited unprecedented trend resulting in inventory carrying loss. The energy
cost per KWH has increased substantially in all manufacturing locations and the
company is actively considering an action plan to address this challenge.
Company continues to remains net cash surplus by investing approx Rs. 17 crore
in mutual fund.
Other
income up 1.94% to Rs 2.63 crore. PBIDT
fell 27.04% to Rs 12.41 crore. Provision
for interest fell 16.22% to Rs 0.31 crore.
Loan funds declined from Rs 15.26 crore as of 30 September 2023 to Rs
7.85 crore as of 30 September 2024.
Inventories rose to Rs 157.76 crore as of 30 September 2024 from Rs
133.25 crore as of 30 September 2023.
Sundry debtors were lower at Rs 112.81 crore as of 30 September 2024
compared to Rs 114.18 crore as of 30 September 2023. Cash and bank balance declined from Rs 4.40
crore as of 30 September 2023 to Rs 4.07 crore as of 30 September 2024. Investments declined from Rs 64.01 crore as of
30 September 2023 to Rs 51.79 crore as of 30 September 2024.
PBDT fell 27.28%
to Rs 12.1 crore. Provision for
depreciation down 1.30% to Rs 3.81 crore.
Fixed assets declined from Rs 177.56 crore as of 30 September 2023 to Rs
175.68 crore as of 30 September 2024.
Intangible assets declined from Rs 0.12 crore to Rs 0.10 crore.
Profit
before tax down 35.13% to Rs 8.29 crore.
Provision for tax was expense of Rs 1.98 crore, compared to Rs 3.25
crore. Effective tax rate was 23.88%
compared to 25.43%.
Profit
after tax fell 33.79% to Rs 6.31 crore.
Equity
capital stood at Rs 12.99 crore as of 30 September 2024 to Rs 12.99 crore as of
30 September 2023. Per share face Value
remained same at Rs 5.00.
Promoters’
stake was 64.38% as of 30 September 2024 ,compared to 64.21% as of 30 September
2023 .
For year-to-date (YTD) results
analysis
Net sales
(including other operating income) of Plastiblends India has declined 2.27% to
Rs 396.92 crore. Operating profit margin
has declined from 6.79% to 6.58%, leading to 5.30% decline in operating profit
to Rs 26.10 crore. Raw material cost as
a % of total sales (net of stock adjustments) decreased from 75.80% to
75.33%. Employee cost increased from
4.72% to 5.17%. Other expenses rose
from 12.65% to 13.03%.
Other
income up 28.57% to Rs 5.04 crore. PBIDT
fell 1.08% to Rs 31.14 crore. Provision
for interest up 46.81% to Rs 0.69 crore.
Loan funds declined from Rs 15.26 crore as of 30 September 2023 to Rs
7.85 crore as of 30 September 2024.
Inventories rose to Rs 157.76 crore as of 30 September 2024 from Rs
133.25 crore as of 30 September 2023.
Sundry debtors were lower at Rs 112.81 crore as of 30 September 2024
compared to Rs 114.18 crore as of 30 September 2023. Cash and bank balance declined from Rs 4.40
crore as of 30 September 2023 to Rs 4.07 crore as of 30 September 2024. Investments declined from Rs 64.01 crore as
of 30 September 2023 to Rs 51.79 crore as of 30 September 2024.
PBDT fell
1.81% to Rs 30.45 crore. Provision for
depreciation down 2.58% to Rs 7.55 crore.
Fixed assets declined from Rs 177.56 crore as of 30 September 2023 to Rs
175.68 crore as of 30 September 2024.
Intangible assets declined from Rs 0.12 crore to Rs 0.10 crore.
Profit
before tax down 1.55% to Rs 22.90 crore.
Provision for tax was expense of Rs 5.74 crore, compared to Rs 6.08
crore. Effective tax rate was 25.07%
compared to 26.14%.
Profit
after tax fell 0.12% to Rs 17.16 crore.
Equity
capital stood at Rs 12.99 crore as of 30 September 2024 to Rs 12.99 crore as of
30 September 2023. Per share face Value
remained same at Rs 5.00.
Promoters’
stake was 64.38% as of 30 September 2024 ,compared to 64.21% as of 30 September
2023 .
Cash flow
from operating activities has turned negative Rs 14.05 crore for YTD ended
September 2024 from positive Rs 8.13 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets
during the YTD ended September 2024 stood at Rs 6.44 crore, compared to Rs 4.50
crore during the YTD ended September 2023.
Commenting on the performance, Shri S.
N. Kabra, Chairman & Managing Director said, “Company continues to enjoy Market
& Brand leadership. Strategic initiatives undertaken in terms of
concentrating on better product mix will improve margin significantly going
forward. Despite the recent escalation of tensions in Middle East and the continuing
Russia- Ukraine conflict, PBI has achieved remarkable success in exports.
Various unexpected factors led to temporary decline in revenue in Q2. However,
there were many silver lining in terms of new innovative products development,
regaining the market share in export market etc.”
“We expect
revenue growth to revive in ensuing quarter. Our prudent financial management
ensures we remain well-positioned to achieve our goals and deliver value to our
stakeholders. Government initiatives like Make in India, Atmanirbhar Bharat,
Vocal for Local, Smart City Plan and Har Ghar Jal (Jal Jeevan Mission) etc. are
impelling growth to the India`s masterbatch industry. Company is committed to
create long term value for its stakeholders and is confident in its ability to
handle external challenges and grow sustainably.”
“Looking
ahead, Company remains optimistic about future growth opportunities and is
committed to further enhancing its operational efficiency and expanding its
market presence.”
Full year results analysis
Net sales
(including other operating income) of Plastiblends India has increased 4.38% to
Rs 802.16 crore. Operating profit margin
has jumped from 6.48% to 6.80%, leading to 9.49% rise in operating profit to Rs
54.56 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 77.03% to 75.59%. Employee cost increased from 4.76% to
4.84%. Other expenses rose from 11.68%
to 12.76%.
Other
income up 57.01% to Rs 8.18 crore. PBIDT
rose 13.99% to Rs 62.74 crore. Provision
for interest fell 44.81% to Rs 1.17 crore.
Loan funds declined from Rs 8.71 crore as of 31 March 2023 to Rs 7.81
crore as of 31 March 2024. Inventories
rose to Rs 125.70 crore as of 31 March 2024 from Rs 121.63 crore as of 31 March
2023. Sundry debtors were lower at Rs
87.99 crore as of 31 March 2024 compared to Rs 91.12 crore as of 31 March
2023. Cash and bank balance rose to Rs
3.07 crore as of 31 March 2024 from Rs 2.50 crore as of 31 March 2023. Investments rose to Rs 70.68 crore as of 31
March 2024 from Rs 67.22 crore as of 31 March 2023 .
PBDT rose
16.35% to Rs 61.57 crore. Provision for
depreciation down 6.27% to Rs 15.4 crore.
Fixed assets declined from Rs 180.80 crore as of 31 March 2023 to Rs
176.94 crore as of 31 March 2024. Intangible
assets declined from Rs 0.13 crore to Rs 0.11 crore.
Profit
before tax grew 26.53% to Rs 46.17 crore.
Provision for tax was expense of Rs 11.64 crore, compared to Rs 9.64
crore. Effective tax rate was 25.21%
compared to 26.42%.
Profit
after tax rose 28.60% to Rs 34.53 crore.
Promoters’
stake was 64.38% as of 31 March 2024 ,compared to 63.37% as of 31 March 2023
.
Cash flow
from operating activities decreased to Rs 38.06 crore for year ended March 2024
from Rs 72.31 crore for year ended March 2023.
Cash flow used in acquiring fixed assets during the year ended March
2024 stood at Rs 12.30 crore, compared to Rs 8.13 crore during the year ended
March 2023.
The stock
trades at Rs 293
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Plastiblends India : Standalone
Results
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Particulars
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2409
(03)
|
2309
(03)
|
Var.(%)
|
2409
(06)
|
2309
(09)
|
Var.(%)
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2403
(12)
|
2303
(12)
|
Var.(%)
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|
Net Sales
|
185.35
|
210.46
|
-12
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396.92
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406.13
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-2
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802.16
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768.52
|
4
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OPM (%)
|
5.3
|
6.9
|
|
6.6
|
6.8
|
|
6.8
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6.5
|
|
|
OP
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9.78
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14.43
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-32
|
26.1
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27.56
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-5
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54.56
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49.83
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9
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Other Inc.
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2.63
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2.58
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2
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5.04
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3.92
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29
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8.18
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5.21
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57
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PBIDT
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12.41
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17.01
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-27
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31.14
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31.48
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-1
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62.74
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55.04
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14
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Interest
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0.31
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0.37
|
-16
|
0.69
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0.47
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47
|
1.17
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2.12
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-45
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PBDT
|
12.1
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16.64
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-27
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30.45
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31.01
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-2
|
61.57
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52.92
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16
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Depreciation
|
3.81
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3.86
|
-1
|
7.55
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7.75
|
-3
|
15.4
|
16.43
|
-6
|
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PBT
|
8.29
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12.78
|
-35
|
22.9
|
23.26
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-2
|
46.17
|
36.49
|
27
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PBT before
EO
|
8.29
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12.78
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-35
|
22.9
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23.26
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-2
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46.17
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36.49
|
27
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EO Income
|
0
|
0
|
|
0
|
0
|
|
0
|
0
|
-
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|
PBT after
EO
|
8.29
|
12.78
|
-35
|
22.9
|
23.26
|
-2
|
46.17
|
36.49
|
27
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Taxation
|
1.98
|
3.25
|
-39
|
5.74
|
6.08
|
-6
|
11.64
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9.64
|
21
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PAT
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6.31
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9.53
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-34
|
17.16
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17.18
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0
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34.53
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26.85
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29
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EPS (Rs)*
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#
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#
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#
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#
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13.3
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10.3
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Notes
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* EPS is on
current equity of Rs 12.99 crore, Face value of Rs 5, Excluding extraordinary
items.
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# EPS is
not annualised
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bps : Basis
points
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EO :
Extraordinary items
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Figures in
Rs crore
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Source:
Capitaline Corporate Database
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