Key highlights

• The net sales was up by 53% to Rs 169.41 crore while net profit was down by 81% to Rs 1.27 crore due to fall in OPM from 14.3% to 7.83% on Y-o-Y basis.

• PET film sales including PET Chips increased significantly on the back of 1.8x increase in sales volume of PET films from 6935 MT to 12651 MT

• OPM declined owing to decline in PET film realizations coupled with increase in prices of raw material. Raw material prices as a percentage of revenue increased from 58.4% in Q1 FY11 to 67.9% in Q1 FY12

• Net Sales from polyester film & chips up 62% to Rs 148.54 crore. It contributes 88% of total revenue compared to 83% in Q1 FY11.

• There was a strong growth in PET Film sales volume in both domestic as well as export markets. Domestic sales for PET films increased 30% from 4829 MT in Q1 FY11 to 6288 MT in Q1 FY12. Export sales for PET films increased 202% from 2106 MT in Q1 FY11 to 6363 MT in Q1 FY12.

• The capacity utilization for Polyester film segment stood at about 90%.

• Net Sales from engineering plastics division up 11% to Rs 20.86 crore. It contributes 12% of total revenue compared to 17% in Q1 FY11.

• The domestic market contributes 56% of revenue compared to 80% in Q1 FY11 while export market contributes 43.6% of revenue compared to 20% in Q1 FY11.