Results     16-Jan-25
Analysis
Plastiblends India
Expect revenue growth to revive in ensuing quarter
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

Particulars

2412 (03)

2312 (03)

Var.(%)

2412 (09)

2312 (09)

Var.(%)

2403 (12)

2303 (12)

Var.(%)

Net Sales

184.37

197.12

-6

581.3

603.25

-4

802.16

768.52

4

OPM (%)

6.2

5.7

 

6.5

6.4

 

6.8

6.5

 

OP

11.43

11.22

2

37.53

38.79

-3

54.56

49.83

9

Other Inc.

1.98

2.03

-2

7.02

5.94

18

8.18

5.21

57

PBIDT

13.41

13.25

1

44.55

44.73

0

62.74

55.04

14

Interest

0.29

0.37

-22

0.98

0.84

17

1.17

2.12

-45

PBDT

13.12

12.88

2

43.57

43.89

-1

61.57

52.92

16

Depreciation

3.88

3.87

0

11.43

11.62

-2

15.4

16.43

-6

PBT

9.24

9.01

3

32.14

32.27

0

46.17

36.49

27

PBT before EO

9.24

9.01

3

32.14

32.27

0

46.17

36.49

27

EO Income

0

0

 

0

0

 

0

0

-

PBT after EO

9.24

9.01

3

32.14

32.27

0

46.17

36.49

27

Taxation

2.53

2.4

5

8.27

8.48

-2

11.64

9.64

21

PAT

6.71

6.61

2

23.87

23.79

0

34.53

26.85

29

EPS (Rs)*

#

#

 

#

#

 

13.3

10.3

 

Notes

* EPS is on current equity of Rs 12.99 crore, Face value of Rs 5, Excluding extraordinary items.

# EPS is not annualised

bps : Basis points

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database



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