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Net sales for the quarter ended Mar 19 of the company stood at Rs 299.75 crore up by 15% on YoY basis. OPM stood at 11.4%, up by 60 bps thus overall OP stood at Rs 34.25 crore, down by 4% YoY. Other income for Mar 19 quarter stood at Rs 1.79 crore up by 83% YoY. Thus, PBIDT was down by 2% to Rs 5.32 crore. With interest costs being down by 2% to Rs 5.32 crore and depreciation were up by 10% to Rs 9.35 crore, PBT was down by 6% to Rs 21.37 crore. With total tax of Rs 7.33 crore, down by 3% YoY, PAT for the quarter ended Mar 19 stood at Rs 14.04 crore, down by 8% YoY.
For the quarter, sales from the building product segment stood at Rs 240.08 crore up by 12% YoY basis and accounted for 80% of sales. PBIT from the same was down by 12% to Rs 29.08 crore and accounted for 85% of total. PBIT margin stood at 12.1%
For the quarter, sales from the synthetic blended yarn Segment stood at Rs 59.67 crore, up by 32% YoY and accounted for 20% of sales. PBIT from the same was up by more than 50% to Rs 5.28 crore and accounted for 15% of total. PBIT margin stood at 8.8% vis a vis 7.8% for Mar 18 quarter.
Performance for the 12 months ended Mar 19
Net sales for the 12 ended Mar 19 of the company stood at Rs 1136.41 crore up by 12% YoY. OPM stood at 12.6%, down by 220 bps, down by 4% YoY to Rs 143.61 crore. Other income stood at Rs 12.04 crore up by 163% YoY. Thus, PBIDT was up by 1% to Rs 155.65 crore. With interest costs being up by 9% to Rs 19.95 crore and depreciation was higher by 1% to Rs 35.35 crore, PBT was down by 1% at Rs 100.35 crore. With total tax of Rs 32.94 crore, down by 6% YoY, PAT for the 12 months ended Mar 19 stood at Rs 67.41 crore, up by 1% YoY.
For the 12 months, sales from the building product segment stood at Rs 915.93 crore up by 9% YoY and accounted for 81% of sales. PBIT from the same was down by 10% to Rs 122.06 crore and accounted for 84% of total. PBIT margin stood at 13.3%.
For the 12 months, sales from the synthetic blended yarn Segment stood at Rs 220.48 crore, up by 29% YoY and accounted for 19% of sales. PBIT from the same was up by 180% to Rs 22.41 crore and accounted for 16% of total. PBIT margin stood at 10.2%.
Management commentary
In FY19, Operating Revenue grew 12.3% YoY comprising of Cement asbestos growing 7% ,V-Next increasing 17% and synthetic yarns rising 29%
In FY19, Debt to Equity ratio improved to 0.57x over 0.63x in FY18
Commercial production in Jhajjar Plant on 11 March 2019 and ATUM (Solar Roofing Product) on 28 September 2018
Advertisement and Sales Promotion (ANP) expenditure doubled from Rs 10cr in FY18 to Rs 20cr in FY19
The outlook for the future continues to be positive
Cement Asbestos market share stays at 18% in FY19
Boards and Panels retains a market share at 26% in FY19 became the largest manufacturer of Boards and Panels in India, with manufacturing capacity 32% of the industry as on 31st March 2019
The board has recommended total dividend of Rs 7 per equity share of face value of Rs 10 each for FY 19.
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