Analyst Meet / AGM 25-Oct-19
Conference Call
Apcotex Industries
Adverse demand from auto industry, stoppage of exports to Pakistan and adverse trend in raw material prices
Apcotex Industries held a conference call to discuss the results for the quarter ended September 2019 and way forward. Mr. Abhiraj Choksey- Managing Director and Mr. Anand V Kumashi- Company Secretary of the company addressed the call.
Highlights of the Concall
Topline of the company decreased due to lower realizations in some of the products and change in product mix (NBR volumes decreased while latex volumes increased)
The company reported highest ever quarterly VP latex sales for tyre cord application
The company saw a reasonably good volume growth in paper industry
Slowdown in auto & allied industry affected the NBR volume sales
NBR/NVC margins adversely affected due to drastic fall in finished good prices globally while raw material prices remained firm during the period
Also the overall slowdown in Indian market affected other industries like Construction chemicals
Exports were adversely affected due to significantly lower key raw material prices in Europe compared to Asia which benefited European competitors as well as political issues in Pakistan & Kashmir
Raw material prices (Butadiene and styrene) difference has increased significantly between European and Asian markets. As a result Apcotex is finding it difficult to compete in Middle East markets. Eg. Butadiene price difference in European and Asia market has increased from US$100 per tonne to about US$350 per tonne.
The company expects that the price differential would correct in 2-3 weeks as it is not sustainable.
The company had significant amount of exports to Pakistan which has stopped since August 2019. The company is not sure when this export will revive.
The company is taking all the steps to revive the financial growth and profitability of the company. However the company is not sure about the timing.
Captive power plant commissioning got delayed to Q3FY20 due to heavy and extended monsoons as well as delays in the last couple of environment clearance permissions
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