Performance for 9 months ended Dec 18

Net sales for 9 months ended Dec 18 stood at Rs 473.93 crore up by 22% YoY. OPM of the company stood at 11.3% due to better realization and higher volumes. Thus, the overall OP stood at Rs 53.62 crore up by 32% YoY. Interest cost was higher by 6% to Rs 1.45 crore and depreciation was down by 6% to Rs 8.76 crore. Thus PBT stood at Rs 48.05 crore up by 23% YoY. After providing for total tax of Rs 16.72 crore, up by 41%, PAT for 9 months ended Dec 18 stood at Rs 31.33 crore up by 18%.

Other updates

EBITDA margins were under pressure due to a combination of slowdown in Rubber/Automotive segments and high inventory of imported RMs.

A major export customer's operations were closed down due to fire in April 2018 this continues to affect volumes.

Capex spend from Phase 1 as at December 31, 2018 was Rs 31 crore and the remainder will be spent over the next 6-9 months.