Key highlights

The company has sold 103215 MT of plastic goods a volume growth of 8% for the Mar 18 quarter on YoY basis. For FY 18, the volume growth stood at 9%.

Industrial side demand was very strong in FY 18, driven by automobile and consumer sectors. While agri pipe demand and demand towards real estate sector was muted.

Value added products account for around 36% of total sales for FY 18.

Total borrowing as on Mar 18 stood at Rs 248 crore with average interest cost of 7.2%. Expects to be a debt free company in next couple of years.

Of the total capex planned envisaged of around Rs 450 crore, the company has so far incurred capex of around Rs 260 crore in FY 18. The company will incur the remaining capex by end of FY 19. Two new green field projects will commission in FY 19

Polymer prices should remain high in FY 19 as there are plant shut downs in USA.

PVC segment which has grown by around 7-8% CAGR for past several years grew by only 2% in FY 18 in India. Real estate regulations and lower demand in Agri pipe market segment impacted the overall demand. This affected the company's plastic piping segment in FY 18. Expects the demand to come back strongly in FY 19. This is visible in the month of April 18.

Both real estate and Agri markets are reviving. MSP is also higher which will revive the rural demand which was held back in past years.

Composite cylinders should see good demand both in domestic and exports in FY 19

Increase in crude prices and depreciating rupee has resulted in increase in polymer prices. However, the increase in passed on to the end consumers.

Exports should also see an increase.

Expects volume growth of around 12-13% in FY 19 as compared to around 9% growth in FY 18. Expects margins of around 16% for FY 19

Several initiatives on GST, demonetisation, Rera should see the benefits in FY 19. Increase in spend on rural infra and normal monsoon should also help in increase in demand from rural sector.

No inventory gain or loss in FY 18.