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Apcotex Industries reported a 28% increase in net sales for Sep'14 quarter to Rs 90.51 crore. With OPM up by 200 bps to 11.4% largely due to better operational leverage and higher exports, OP jumped by 59% to Rs 10.29 crore. Interest cost was down by 16% to Rs 0.97 crore and change in accounting policy lead to higher depreciation by 29% to Rs 2.26 crore. Thus PBT was up by 137% to Rs 9.35 crore. After total tax of Rs 2.24 crore, up by 54% YoY, PAT for Sep'14 quarter stood at Rs 7.11 crore, up by 186% YoY.
Performance for the half year ended Sep'2014
For the half year ended Sep'14, Apcotex registered 33% increase in net sales to Rs 193.48 crore. OPM increased by 210 bps to 10.6% resulted a 65% jump in OP to Rs 20.52 crore. Other income was up by 147% to Rs 3.51 crore and interest costs was down by 14% to Rs 1.87 crore. With a 47% increase in depreciation to Rs 4.65 crore mainly due to change in accounting policy on economic useful life of assets, PBT was up by 106% to Rs 17.51 crore. Thus after providing total tax of Rs 4.64 crore, up by 119% YoY, PAT for half year ended Sep'14 stood at Rs 12.87 crore, up by 102% YoY.
Performance for year ended Mar'2014
Net sales for the year ending Mar'14 for Apcotex Industries stood at Rs 297.76 crore, up by 9% y.o.y. OPM was down by 20 bps to 8.4% resulting in 7% growth in OP to Rs 25.13 crore. There was an other income of Rs 2.43 crore, as compared to a loss of about Rs 1 lakh for Mar'13.
This has resulted in 17% rise in PBIDT to Rs 27.56 crore. Interest costs was up by 76% to Rs 4.14 crore and depreciation was up by 118% to Rs 6.77 crore. This resulted in a PBT fall of 8% to Rs 16.65 crore. There was a PPI of Rs 2 lakh in 12 months ended Mar'13 as compared to Nil for 12 months ended Mar'14. After providing total tax of Rs 3.51 crore, down by 33% YoY, PAT for 12 months ended Mar'14 stood at Rs 13.14 crore, up by 3% YoY.
Share price trades at Rs 355.
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