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Apcotex Industries reported a 17% increase in net sales for Q3 FY'14 YoY. OPM however was down by 80 bps, due to high raw material prices, resulting in 7% increase in OP. There was an other income of Rs 0.38 crore for Dec'13 quarter, up by 300% YoY. Both interest costs and depreciation costs were higher by 84% and 133% respectively, thus resulting PBT fall by 14%. After total tax being lower by 33% YoY PAT for Dec'13 quarter was down by 7% YoY.
Performance for the quarter ended Dec'13
Net sales for the quarter ended Dec'13 of Apcotex industries was up by 17% to Rs 71.25 crore. Raw material costs as a % to net sales net of stock adjustment, was up by 230 bps to 76.3% and employee costs as a % to net sales net of stock adjustment, was more or less flat at 3.9%, Other expenditure costs as a % to net sales net of stock adjustment, was lower by 150 bps to 11.3%. Thus overall OPM was down by 80 bps to 8.5%, resulting in a 7% growth in OP to Rs 6.05 crore.
The other income for Dec'13 quarter stood at Rs 0.68 crore as compared to other income of Rs 0.17 crore for Dec'12 quarter. The interest cost was up by 84% to Rs 1.03 crore, and depreciation was up by 133% to Rs 1.82 crore, thus resulting a PBT fall of 14% to Rs 3.88 crore. After providing for total tax of Rs 0.79 crore, down by 33% YoY the PAT for the Dec'13 quarter was down by 7% to Rs 3.09 crore.
Performance for the nine months ended Dec'13
Net sales for the nine months ended Dec'13 of Apcotex industries grew by 7% to Rs 216.78 crore. Raw material costs as a % to net sales net of stock adjustment, was up by 40 bps to 75.7%% 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 down by 10 bps to 11.9%. Thus overall OPM was down by 20 bps to 8.5%, resulting in a 4% growth in OP to Rs 18.47 crore.
The other income for the nine months ended Dec'13 stood at Rs 2.10 crore as compared to a loss of Rs 0.34 crore for the nine months ended Dec'12. The interest cost was up by 65% to Rs 3.20 crore, and depreciation was up by 122% to Rs 4.99 crore, thus resulting a PBT fall of 6% to Rs 12.38 crore. After providing for total tax of Rs 2.91 crore, down by 25% YoY the PAT for the nine months ended Dec'13 was up by 2% to Rs 9.47 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 57.60% and none of them are pledged.
Share price trades at Rs 112.
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