PBT went up 23% to Rs 58.95 crore.

Net profit went up 19% to Rs 43.30 crore.

In Q1, volumes grew 14%.

10 year sales CAGR stands at 17%.

India sales grew 7 16% and overseas sales grew 12%.

India volumes grew 15% and overseas grew 11%.

India accounted for 69% of sales and overseas accounted for 31%. The same was 70% and 30% in FY 2018.

India EBITDA margins stood at 15.52% and overseas stood at 15.31%.

Net Margin (PAT) was more for overseas due to lower tax rate. India PAT margin was 5.29% and overseas was 6.08%

Effective Tax Rate was 25.32%. Tax rate in India was 28.16% while that in overseas was 18.93%.

Total Debt in Q1 stood at Rs 769.5 crore against Rs 777 crore in FY18.

Revenues from value added products grew 31% in Q1.

The share of value added products is 19% of the total sales against 17%.

The company's focus remains to increase the share of value added products in its turnover.

Overall capacity utilization stood at 80%. India capacity utilization was 82% and overseas capacity utilization was 77%.

Total capex in Q1 was Rs 35.5 crore. Out of this capex for established Products stood at Rs 25.5 crore and that of value added products stood at Rs 10 crore.

PE Pipe business has healthy order book of around 17,000 MT or Rs 225 crore.

DWC Pipes has order book of around 1,500 MT or Rs 18 crore.

During the quarter the company launched new generation multilayer pipes for power and communication cable ducts with silicon in-lining. The pipes / ducts have substantial business potential specially in development of Smart Cities.

The company is innovating new applications of MOX films. It is about to launch new products in the market like Truck covers, Pond Liners, Mulching Films & Poly house Films.

Q1 represents 20-21% of revenues.

Return ratios will improve as sales growth improves going forward.

CRISIL has improved ratings of the company considering more than anticipated improvement in operating performance in terms of revenue, margin and RoCE.

Net working capital days stands at 85 against 150 few years ago and 86 in FY 2018. The management is expecting further improvement on this front in the coming years.

The playing field in composite cylinders is getting even.

The company's client has launched LPG in 12 cities and its customers are very happy with it. TTL has half a million cylinders orders from them.

The company is currently exporting composite cylinders to 28 countries and is focusing there as margins are better there.

Currently India has demand for 320 million composite cylinders but is buying just 55-60 million every year.

Private gas distribution companies are aggressively promoting & distributing cylinders across PAN India - Maharashtra, Karnataka, Tamil Nadu, West Bengal, Madhya Pradesh, Rajasthan and will be launched in Hyderabad & New Delhi very soon.

Current order book for composite cylinders is 1.5 million spread out for 2-3 years as clients are progressively changing from metal to composite cylinders.

The management is optimistic of the Indian markets for composite cylinders.

The company is in the process of getting approvals from Chile, Taiwan and Kenya. In addition to that the company is exploring South American and Caribbean markets which have large requirements of composite cylinders. They will buy composite cylinders from the company in next quarter.

The management expects revenues of composite cylinders to grow by 20% in FY 2019 and FY 2020.

The company is looking at revenues of excess of Rs 300 crore from Rs 215 crore last year in the Pipes business. Last year itself the company had target of Rs 350 crore but faced headwinds due to GST. So if the company makes revenue of Rs 350 crore in FY 2019 it will be just meeting its FY 2018 target.

Going forward, the company's expenditure will rise lesser than the sales growth.

The company is targeting RoCE of 20% in three years down the line.

Historically the company has been able to pass on increase/decrease of raw material price to the customers with a lag of three months.

Current order book for PE Pipes is Rs 250 crore.

The company expects its overall business to grow by 15% every year till 2021 and borrowings will remain the same.

With the current higher credit rating the company hopes to reduce its borrowing cost. However the impact will be marginal as the company is already borrowings at a very competitive rates.

Effective tax rate should be in the range of 27% for FY 2019.

Value added business to grow by 30-35% in FY 2019.

Since India and overseas revenues stand at 70:30% capex will also be around that ratio.