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Apcotex Industries reported 5% growth in net sales for Q4 ending Mar'13. After reporting a flattish growth in Q3 FY'13, where the demand was held back due to continuous fall in Butadiene prices, on q.o.q basis, the sales are up by 15%. Thanks to the prices of Butadiene being stabilized and the offtake of the orders, which were delayed by the customers, finally came through. So despite challenging external environment, the sales growth was satisfactory, and on expected line.
However, 70 bps fall in OPM led to 4% fall in OP. OPM fall was primarily due to company not able to fully pass on the raw material price and forex pressure to its customers in the same quarter. Lower interest costs however, ensured a 2% rise in PAT to Rs 3.55 crore.
Performance for the quarter ended Mar'13
Net sales for the quarter ending Mar'13, was up by 5% to Rs 70.32 crore. OPM was down by 70 bps to 8.3%. Raw material costs as a % to net sales net of stock adjustment, was up by about 100 bps to 75.8%. The employee costs and other expenditure, both as a % to net sales net of stock adjustment, were down by 20 bps and 10 bps to 4% and 11.9% respectively. This has lead to a 4% fall in OP to Rs 5.84 crore on y.o.y basis.
Other income was down by 28% to Rs 0.33 crore, resulting in 6% fall in PBIDT to 6.17 crore. The interest costs was down by 57% to Rs 0.41 crore, leading to a 3% rise in PBDT to Rs 5.76 crore. Depreciation was up by 25% to Rs 0.86 crore, resulting in PBT of Rs 4.90 crore, which is more or less flat on y.o.y basis. After providing for total tax of Rs 1.35 crore, the PAT for the Mar'13 quarter was up by 2% to Rs 3.55 crore.
Performance for year ended Mar'2013
Net sales for the year ending Mar'13 for Apcotex Industries stood at Rs 273.40 crore, up by 7% y.o.y. OPM was up by 20 bps to 8.6% resulting in 9% growth in OP to Rs 23.54 crore. There was a loss of about Rs 1 lakh as compared to other income of Rs 2.24 crore, which was largely due to forex loss, came in due to heightened volatility in Q1 FY'13.
This has resulted 1% fall in PBIDT to Rs 23.53 crore. The interest costs was down by 36% to Rs 2.35 crore and depreciation was up by 11% to Rs 3.11 crore. This has resulted in 4% growth in PBT to Rs 18.07 crore. There was Prior Period Item of Rs 1.04 crore for Mar'11 as compared to Rs 0.02 crore for Mar'12. After paying total tax of Rs 5.24 crore, up by 8%, the company reported PAT of Rs 12.81 crore, up by 12% y.o.y.
Other developments
The company has recommended dividend of Rs 9 per equity share of Rs 10 each.
Also Board of Directors have approved split of face value each shares of Rs.10/- each (Rupees Ten) fully paid into share of Rs. 5/- (Rupee Five) each, subject to approval of shareholders in the ensuing general meeting
The promoter shareholding is around 57.77% and none of them are pledged.
Share price trades at Rs 253.
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