Performance for the quarter ended Sep'13

Net sales for the quarter ended Sep'13 of Apcotex industries was more or less flat at Rs 70.50 crore. Raw material costs as a % to net sales net of stock adjustment, was flat at 74.6%% and employee costs as a % to net sales net of stock adjustment, was up by 50 bps to 4.1%. Other expenditure costs as a % to net sales net of stock adjustment, was lower by 90 bps to 12.2%. Thus overall OPM was up by 20 bps to 9.2%, resulting in a 2% growth in OP to Rs 6.46 crore.

The other income for Sep'13 quarter stood at Rs 0.39 crore as compared to other income of Rs 0.06 crore for Sep'12 quarter. The interest cost was up by 57% to Rs 1.16 crore, and depreciation was up by 136% to Rs 1.75 crore, thus resulting a PBT fall of 20% to Rs 3.94 crore. After providing for total tax of Rs 1.45crore, up by 8% YoY the PAT for the Sep'13 quarter was down by 30% to Rs 2.49 crore.

Performance for the half year ended Sep'13

Net sales for the half year ended Sep'13 of Apcotex industries grew by 2% to Rs 145.51 crore. Raw material costs as a % to net sales net of stock adjustment, was down by 40 bps to 75.4%% and employee costs as a % to net sales net of stock adjustment, was up by 10 bps to 4%. Other expenditure costs as a % to net sales net of stock adjustment, was up by 60 bps to 12.2%. Thus overall OPM was down by 20 bps to 8.5%, resulting in a 1% growth in OP to Rs 12.42 crore.

The other income for half year ended Sep'13 stood at Rs 1.42 crore as compared to a loss of Rs 0.76 crore for the half year ended Sep'12. The interest cost was up by 52% to Rs 2.17 crore, and depreciation was up by 114% to Rs 3.17 crore, thus resulting a PBT fall of 2% to Rs 8.50 crore. After providing for total tax of Rs 2.12 crore, down by 22% YoY the PAT for the half year ended Sep'13 was up by 7% to Rs 6.38 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% YoY.

The promoter shareholding is around 57.43% and none of them are pledged.

Share price trades at Rs 138.