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Results
16-Jan-25
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Analysis
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Plastiblends India
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Expect revenue growth to revive in ensuing quarter
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Net sales
(including other operating income) of Plastiblends India has declined 6.47% to
Rs 184.37 crore. Operating profit margin
has jumped from 5.69% to 6.20%, leading to 1.87% rise in operating profit to Rs
11.43 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 76.86% to 74.44%. Employee cost increased from 4.89% to
5.68%. Other expenses rose from 12.76%
to 13.78%.
Other
income fell 2.46% to Rs 1.98 crore.
PBIDT rose 1.21% to Rs 13.41 crore.
Provision for interest fell 21.62% to Rs 0.29 crore.
PBDT rose
1.86% to Rs 13.12 crore. Provision for
depreciation rose 0.26% to Rs 3.88 crore.
Profit
before tax grew 2.55% to Rs 9.24 crore.
Provision for tax was expense of Rs 2.53 crore, compared to Rs 2.4
crore. Effective tax rate was 27.38%
compared to 26.64%.
Profit
after tax rose 1.51% to Rs 6.71 crore.
Promoters’
stake was 63.07% as of 31 December 2024 ,compared to 64.38% as of 31 December
2023.
Slowdown in
demand especially in urban area coupled with cutback by Government in CAPEX
/Infrastructure spending after National & a few state elections in 2024 is
impacting majority of Industries. During
the quarter, despite continuous softness in demand, the margin improved as the
company is strategically moving towards more margin accretive products,
capturing additional market share, enhancing operational efficiency and prudent
financial discipline. With prudent financial discipline, the working capital
has been effectively managed. Company continues to remains net cash surplus by
investing approx Rs. 27 crore in mutual fund. Expansion of Engineering Plastic
Division at Palsana was approved in Board Meeting.
For year-to-date (YTD) results
analysis
Net sales
(including other operating income) of Plastiblends India has declined 3.64% to
Rs 581.30 crore.
Operating
profit margin has jumped from 6.43% to 6.46%, leading to 3.25% decline in
operating profit to Rs 37.53 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
76.16% to 75.05%. Employee cost
increased from 4.78% to 5.33%. Other
expenses rose from 12.69% to 13.27%.
Other
income up 18.18% to Rs 7.02 crore. PBIDT
fell 0.40% to Rs 44.55 crore. Provision
for interest up 16.67% to Rs 0.98 crore.
PBDT fell
0.73% to Rs 43.57 crore. Provision for
depreciation down 1.64% to Rs 11.43 crore.
Profit
before tax down 0.40% to Rs 32.14 crore.
Provision for tax was expense of Rs 8.27 crore, compared to Rs 8.48
crore. Effective tax rate was 25.73%
compared to 26.28%.
Profit
after tax rose 0.34% to Rs 23.87 crore.
Promoters’
stake was 63.07% as of 31 December 2024 ,compared to 64.38% as of 31 December
2023.
Commenting on the performance, Shri S.
N. Kabra, Chairman & Managing Director said, “In Q3, there were many silver
lining in terms of new innovative products development, regaining the market
share in export market etc.”
“We are
optimistic that in upcoming Union Budget, broad based infrastructure push will
come which will help in recovering of GDP growth. We expect revenue growth to
revive in ensuing quarter.”
“Company
remains committed to delivering long-term value to its stakeholders and is
confident in its ability to overcome the external challenges and to achieve
sustainable growth.”
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 239
Plastiblends India : Standalone
Results
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Particulars
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2412
(03)
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2312
(03)
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Var.(%)
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2412 (09)
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2312 (09)
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Var.(%)
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2403
(12)
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2303
(12)
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Var.(%)
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Net Sales
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184.37
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197.12
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-6
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581.3
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603.25
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-4
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802.16
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768.52
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4
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OPM (%)
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6.2
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5.7
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6.5
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6.4
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6.8
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6.5
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OP
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11.43
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11.22
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2
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37.53
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38.79
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-3
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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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1.98
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2.03
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-2
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7.02
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5.94
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18
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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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13.41
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13.25
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1
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44.55
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44.73
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0
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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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0.29
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0.37
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-22
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0.98
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0.84
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17
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1.17
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2.12
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-45
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PBDT
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13.12
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12.88
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2
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43.57
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43.89
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-1
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61.57
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52.92
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16
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Depreciation
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3.88
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3.87
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0
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11.43
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11.62
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-2
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15.4
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16.43
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-6
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PBT
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9.24
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9.01
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3
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32.14
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32.27
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0
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46.17
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36.49
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27
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PBT before
EO
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9.24
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9.01
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3
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32.14
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32.27
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0
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46.17
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36.49
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27
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EO Income
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0
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0
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0
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0
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0
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0
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-
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PBT after
EO
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9.24
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9.01
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3
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32.14
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32.27
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0
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46.17
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36.49
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27
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Taxation
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2.53
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2.4
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5
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8.27
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8.48
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-2
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11.64
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9.64
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21
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PAT
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6.71
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6.61
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2
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23.87
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23.79
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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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